Real Estate
Guy Hands’ Annington Sells Military Homes in £6 Billion Deal
- Transaction likely to save UK government £230 million annually
- Annington to use proceeds to bolster finances, repay debt
Guy Hands’ Annington Property Ltd. agreed to sell back to the UK government tens of thousands of military homes and associated real estate for £6 billion ($7.6 billion), after losing a legal challenge in a test case last year to block the sale of some of them.
Annington agreed to sell its interests in the Married Quarters Estate, which comprises roughly 36,000 properties in England and Wales and associated real estate, according to a statement on Tuesday. The assets are now valued at £10.1 billion when not subject to leases, the defense ministry said in a separate statement.