National Grid plc (“National Grid”) has decided, after conducting a market testing exercise, to retain its UK property business, National Grid Property (NGP).
National Grid Chief Executive, Steve Holliday, said “As the process has gone forward, the property and credit markets have deteriorated, and the bids we received do not match the value we are confident that we can extract from the business. Thus we have had no hesitation in deciding to retain the business and look forward to continuing with our highly successful track record in remediating and selling on our attractive portfolio of brownfield sites.”
Contacts
Investors
- David Rees +44 (0)20 7004 3170 +44 (0)7901 511322 (m)
- George Laskaris +1 718 403 2526 +1 917 375 0989 (m)
- Richard Smith +44 (0)20 7004 3172 +44 (0)7747 006321 (m)
- James Waite +44 (0)20 7004 3171 +44 (0)7977 440902 (m)
Media
- Clive Hawkins +44 (0)20 7004 3147 +44 (0)7836 357173 (m)
- Brunswick
Tim Williamson +44 (0)20 7396 5350 +44 (0)7974 982350 (m)
Additional information
National Grid Property (NGP) employs 80 people and is responsible for managing a portfolio of properties across the Great Britain and for the management, clean-up and disposal of properties largely comprising former gas works sites. NGP’s operating profit for 2006/07 was £86m.