Network Rail has agreed to the £1.5bn sale of railway arches that are home to thousands of shops and small businesses around the country.
Blackstone, an American private equity company, and Telereal Trillium, a property management and investment company, have agreed to buy the portfolio of 5,200 properties after a competitive bidding process.
Labour called for the deal to be halted, saying that the “highly irresponsible” transaction risked damaging thousands of small and medium-sized companies. Representatives of tenants who have campaigned against the sell-off demanded that the new landlords carry out a “full, transparent rent and lease audit” amid concerns that they will be driven out by higher rents.
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