Real estate

£3.4bn plan to convert empty Tube properties

London Underground is to launch a 10-year £3.4bn programme to convert London's abandoned underground statins into shops, tourist attractions and luxury apartments. Revenue from the project, which will involve the transformation of 50 Tube stations and adjacent buildings into businesses, will be used to upgrade infrastructure and cater for London's expanding population. Next Monday, Transport for London will launch a one-year tender process to appoint a small number of property development partners to work on the overall collection of sites. It will mark the first stage of TfL's effective transformation into a property company. TfL will set up a joint venture body with six developers to transform at least 50 sites around London using its joint venture with Capital & Counties at the Earls Court exhibition centres as a template. The new project heralds the end of TfL's former policy of asset disposals.

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