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Thursday, May 24, 2007

British Government Sale of Waterways

From the London Times online:

The Government is considering a billion pound-plus sale of the country’s canals and waterways.

British Waterways, the government-controlled body responsible for 2,200 miles of canals and rivers in the UK, is running a beauty parade of banks with a view to kick-starting a strategic review in the summer. The review will examine all options for the business, including a sale of all or parts of the portfolio, a possible stock market listing or other partnership or funding structures.

A sale could raise as much as £1 billion for the Treasury.

British Waterways is sitting on a property goldmine that includes all the towpaths and land alongside the canals. The company last valued its portfolio at more than £500 million, but that figure could more than double over the coming years as it shares the spoils of housing and office regeneration schemes on its land.

Ben Barros

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