02:10 PM EDT, 08/30/2024 (MT Newswires) -- Telus ( TU ) is considering a spinoff of a large portfolio of real estate in Canada that it doesn't need for network service as it shifts to optic fiber, Bloomberg reported Friday, citing Chief Financial Officer Doug French.

The telecommunications company has about 200 properties that might be redeveloped or sold, with a potential gross value between CA$2 billion ($1.48 billion) and CA$3 billion, according to French, the report said.

The company is mulling the possibility of monetizing the assets through a REIT, French told Bloomberg in an interview.

Telus ( TU ) is also looking to sell copper in the old wires that are being replaced for as much as CA$1 billion over the next three to five years, French said

Telus ( TU ) did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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