Land Securities Trillium (LST) has purchased a portfolio of 285 properties from postal authority Royal Mail for around £70 mln (EUR 103 mln). A total of 108 leasehold properties are vacant and LST will refurbish them with a view to securing new occupiers. The remaining 177 freehold properties will be leased back by LST to Royal Mail for 15 years, LST said Thursday in a press release.

Land Securities Trillium (LST) has purchased a portfolio of 285 properties from postal authority Royal Mail for around £70 mln (EUR 103 mln). A total of 108 leasehold properties are vacant and LST will refurbish them with a view to securing new occupiers. The remaining 177 freehold properties will be leased back by LST to Royal Mail for 15 years, LST said Thursday in a press release.

Royal Mail's property director Martin Gafsen said: 'As part of the transfer, we will lease back only the space we need. This deal represents just 3% of our total operating space, so we will continue to own the vast bulk of the sites we use in our day-to-day operations.'