Network Rail has established a new property company to help generate £1.8 billion to fund its Railway Upgrade Plan.

The specialist business, Network Rail Property, will approve investments in the rail company's estate and make decisions about the disposal of property assets

It will also provide greater focus on plans to deliver land for housing, while generating income from Network Rail's other property assets to reinvest into the railway.

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The organisation is being led by David Gibbs in his role as Managing Director, while the board will be chaired by Chris Gibb, Network Rail's non-executive director.

David Biggs, MD, said: "A bigger and better railway requires significant investment and Network Rail is generating an extra £1.8bn to help fund the Railway Upgrade Plan, mostly through the sale of property assets where continued Network Rail ownership is not essential to running the railway.

"Our new property company will have greater powers to unlock land for homes, drive economic growth in towns and cities and reinvest money into the rail network to help fund the Railway Upgrade Plan."

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