National Grid Considers Selling £800million Property Portfolio

Britain's power and gas networks operator National Grid Plc said on Wednesday it was considering selling its non-operational property portfolio and expects to make a decision by the end of the year.

National Grid Property, currently owns around 2,500 acres on more than 500 brownfield sites, The sale, which will also include the property team of around 80 people which manages more than 675 buildings with 840 tenancies, could be worth in excess of £800 million.

If completed the sale could be the largest-ever property disposal by an former publicly owned company. The sites, a large proportion of which have planning permission, are mainly residential and could make a significant contribution to the prime minister’s 3 million housing target by 2021. There are also sites with office and industrial use potential.