Telereal to boost commercial property sector

Property firm Telereal looks set to snap up a large Royal Bank of Scotland portfolio - improving the fortunes of the commercial property sector, Property Week reports.

The firm, owned by the Pears family, is apparently poised to pay around £800 million to purchase a series of offices and banks belonging to the financial institution.

According to the report, the portfolio covers a total of more than two million square feet and includes high profile commercial real estate such as 1 Princes Street in the centre of Edinburgh and 28 Cavendish Square in the west end of London.

It is believed that the bidding process is still on-going, with Telereal facing stiff competition from the Prestbury Group and Moorfield.

Meanwhile, the National Grid is poised to sell a number of its sites, providing the market with a new range of commercial opportunities.

The group is willing to listen to offers for up to 500 of its brownfield sites.

Martin Slowe Property Services are Commercial Property Consultants offering a full range of Commercial Property Services.