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| The Pears family owns half of Telereal, the venture company that has taken over the running of BT's vast property portfolio. The other half is owned by property giant Land Securities, which received a £172m distribution in 2003-04 — we assume the Pears family received the same. The family empire, now run by three brothers, embraces thousands of London homes, flats and office blocks. Mark, 42, is managing director of William Pears Family Holdings, but there are at least 31 companies with net assets of £496m. The family has received £102m in dividends since 1996. With the money coming through from Telereal, we raise our valuation to £900m. | ||||||||||||||
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