BT is one of the largest companies in Europe. Not surprisingly, although not a property company, it has one of the largest commercial property holdings in the UK. During the period from 1990 to 1995, real estate operating costs began at around £1.2 billion per annum and reduced to £980 million per annum — amounts larger than the turnover of many businesses. But this is in the context of a turnover for BT of £13.67 billion in 1994, which dwarfs most businesses.
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