Question to the Department for Transport:

To ask the Secretary of State for Transport, if he will provide a regional breakdown of the £1 billion valuation of the Network Rail Commercial Estate business; how the £1 billion valuation was arrived at; whether everything included in the £1 billion estimate represents a capital cost; and if he will make a statement.

The Commercial Estate portfolio is clustered around key urban centres with a strong presence in the UK’s major cities. Cities with the largest amount of rental space include London – 57%, Manchester – 4%, Birmingham – 2%, Leeds – 2%, Sheffield – 1%, Liverpool – 1%, Bristol – 1%.

Details of how the £1 billion valuation was arrived at are set out in Network Rail’s Annual Report and Accounts 2017, available at: https://cdn.networkrail.co.uk/wp-content/uploads/2017/07/Network-Rail-Annual-report-and-accounts-2017.pdf (p112, section 13).