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P&O agrees to sell property unit

PENINSULAR & ORIENTAL Steam Navigation, the UK's largest quoted shipping company, has agreed to sell its Canadian property subsidiary, Laing Property, to Canada's Cambridge Shopping Centres. The move is part of a strategy P&O set out in March to sell its property business to focus on cruises, ferries and ports.

In the first half of 1999, the company raised pounds 140m from the sale of development properties. It still has about pounds 800m of investment property, mainly in the UK, and pounds 350 of development properties.