Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

LIVINGSTONE DEFEAT TO HIT TUBE FUNDS

  • Comment
London Underground could lose millions of pounds in future property revenues because of mayor Ken Lingstone's faile...
London Underground could lose millions of pounds in future property revenues because of mayor Ken Lingstone's failed legal challenge over privatisation, reported The Independent on Sunday (Business, p1).

His intervention delayed a£2bn plan to sell off the London Underground's surplus property. A senior source involved in the project told the newspaper that up to 10% may have been wiped off the portfolio's value because of the recent fall in property prices.

It is understood Land Securities, the UK's largest quoted property company and one of the parties shortlisted to buy the property, is revising its sums. The deal, known as London Underground Property Partnership, was first mooted in November 1999. A preferred bidder was to be selected in January this year. But the mayor's legal challenge to government plans to part-privatise parts of the Tube network put the property deal on hold.
  • Comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions.

Links may be included in your comments but HTML is not permitted.