BRITAIN's property market is expecting a string of disposals from Peninsular & Oriental Steamship Co (P&O) when the company completes a major review this year.
Despite the GBP73 million (about HK$861.4 million) acquisition of the Britannic Assurance property portfolio in October, the diversified shipping and construction group says it is now selling more property than it is buying.
Its development portfolio was valued at GBP1.7 billion in the 1994 accounts.
London brokers said high on the 'for sale' list were two US technology parks in Atlanta and Denver which P&O acquired in 1987 as part of its takeover of European Ferries. The group is also considering selling its 50 per cent share of the Oberhausen development in Germany.
In Britain, it will be looking to sell a large percentage of the 40 properties in the Britannic Assurance portfolio.
The group's longer-standing British investments range from the 260,000 square foot Chelsea Harbour development in west London to a 44-hectare business park in Coventry.