The £2 billion sale lease back deal of 6,700 properties owned by British Telecommunications, which has been delayed since September, will kick off next week with a roadshow, according to an official at Schroder Salomon Smith Barney, which is underwriting the deal. The deal, dubbed Telereal, should be one of the largest deals out of the U.K. this year. It had been delayed because of the massive amount of legal work involved in securitizing so many properties. British land property firms Land Securities Trillium and William Pears, will fund roughly £1.8 billion of the purchase with an offering of asset-backed bonds. The final structure of the deal has not been set and the offering circular is scheduled to appear this week. The SSSB official said the deal will have tranches ranging from triple-A to triple-B, but couldn't comment on price talk.
British Telecom's Sale Lease Deal Back On Line