Schroder Salomon Smith Barney broadened its relationship with British Telecommunications this week by advising the company on the £2.3bn (€3.7bn) disposal of its UK property portfolio.

The sale is to Telereal Holdings, a joint venture between Land Securities Trillium and The William Pears Group, and is the largest ever UK property disposal. The deal is conditional upon Telereal completing its funding agreements. SSSB has done other work for BT in recent years, but not in M&A. This deal involved members of the mergers and acquisitions and real estate teams at SSSB.