Long distance telecommunications provider Cable & Wireless (C&W) has incorporated a local company, Penhurst Ltd., to complete its divestiture of millions of dollars worth of Bermuda real estate.

The 12 large homes were put on the market this past summer at competitive prices. The properties have sold or are currently under contract to be sold by Bermuda Realty. The dozen units were listed for sale at a combined asking price of about $3.5 million.

The properties include four four-bedroom units on Middle Road near the C&W teleport on an acre of land, which was the subject of the Penhurst incorporation.

The Penhurst property was sold under a 999-year leasehold agreement as condominiums, necessitating the establishment of Penhurst Ltd. The new company, as the owner of the property, is being passed on to the buyers.

C&W spokesman John Instone said: "Incorporation of a company for this purpose is a legal requirement with regard to the leaseholda as is the case with other condominium developments, when the four purchasers buy their condos, they will also buy quarter shares in the company and Cable & Wireless will cease to own it.'' Also on an acre of land there are four three-bedroom homes on Cable Hill, Devonshire that C&W is disposing of, and there are four homes in St. George's that are also being sold.

Drew Horsfield of Bermuda Realty said: "It was my understanding that this was part of Cable & Wireless' worldwide examination of their property holdings.'' Mr. Instone, pointed out that the property was originally tenanted by the company's expatriate staff. But the company is almost completely Bermudian and non-staff have been living in many of the units.

He said, "In addition, the company owns a house just outside the main gate of the Devonshire teleport and another in Smith's Parish, neither of which are being disposed of.'' REAL ESTATE RE