Network Rail has announced a ‘multi-million pound deal’ to sell several property assets in London to The Arch Company, which rents out spaces such as railway arches for commercial use.
The deal announced on July 22 includes a broad mix of railway arches and investment assets, including in Borough Market, which are used for light industrial, retail and food and beverage outlets.
NR said the proceeds would be reinvested directly back into railway infrastructure, ‘supporting Network Rail’s commitment to increase commercial revenues and reduce subsidy as the rail industry moves closer to becoming Great British Railways’.
Gary Bostock, Property Director for Network Rail Southern Region, said ‘our relationship with Arch Co continues to deliver positive outcomes for both the estate and the communities it serves with this latest transaction being a great example of that partnership in action’.
Craig McWilliam, CEO of The Arch Company, said ‘these assets are a natural fit with our existing estate and represent another significant investment in London. They bring a mix of established businesses and opportunities for future growth, underlining our confidence in the capital and the small businesses and entrepreneurs that drive its success.’
