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Network Rail’s sale of railway arches

On 4 February 2019, Network Rail completed a £1.46 billion sale of a commercial property portfolio to Telereal Trillium and Blackstone Property Partners. The property portfolio consists of approximately 5,200 properties across England and Wales and are mainly railway arches. 

This sale is part of a wider Network Rail asset disposals programme. It involved selling a 150-year lease to the properties which provides for access rights for Network Rail to safely maintain and operate the railway infrastructure. 

This study will consider whether government has achieved value for money from this sale. It will assess how Network Rail – with advice from the Department for Transport and HM Treasury – prepared for the sale; the process followed; and the proceeds achieved.  The study will also consider the wider impact of the sale over the 150-year lease period. 

If you would like to provide evidence for our study, please email the study team on enquiries@nao.org.uk putting the study title in the subject line. The team will consider the evidence you provide; however, please note that due to the volume of information we receive we may not respond to you directly. If you need to raise a concern please use our contact form.