British Telecom Raises $3.2 Billion

LONDON, June 15 -- British Telecommunications PLC has raised $3.2 billion by selling its British property portfolio. The sale of nearly 7000 properties to Telereal Holdings, a joint venture between Land Securities and the William Pears Group, was the latest step in BT's efforts to lighten its $39.2 billion debt load.
BT's London headquarters is also up for sale but the nine-story building was not among the properties sold to Telereal. BT amassed much of its debt through aggressive expansion overseas and purchases of costly licenses to run third-generation mobile phone networks in Europe.
"This represents a further step forward in BT's drive for cash and the reduction of its headline debt," said Christopher Bland, the company's chairman.