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At 31 March 2005, BT occupied approximately 6,600 properties, located principally in the UK. Most of this property portfolio is owned by Telereal Group, a 50/50 joint venture between Land Securities Trillium and William Pears Group.
The majority of these properties are specialised operational buildings. They mainly house exchange equipment and are needed as part of BT’s continuing activities. Other, general purpose, properties consist chiefly of offices, depots and computer centres.
Our property strategy is to continue to reduce costs, at the same time as increasing usage and income generation.
In the 2005 financial year, we sublet an additional 21,000sqm of office space, vacated 158,000sqm of space ready for disposal and successfully disposed of Mondial House in London for £51 million.
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