BT exchanges on the outsourcing of its UK property portfolio for £2.3bn to TeleReal Holdings, a 50-50 joint venture between Land Securities Trillium and William Pears Family Holdings.

BT advised by Ashurst Morris Crisp (Ian Nisse, Simon Cookson, Anthony Burnett-Scott and David Perks). TeleReal advised by Freshfields Bruckhaus Deringer (Jeffrey Rubinoff, James George).