BT is to award the £500m contract to manage its property portfolio of more than 8000 buildings by the end of next month.

Monterey, a consortium including Carillion Services, Haden Building Management and Reliance Integrated Services, is finalising details of the Project Jaguar contract with the client.

The five-year deal is the UK’s largest private sector facilities management contract.

Monterey will manage the portfolio using eight regional service providers. The regions will be split between Haden, Reliance, Carillion, Mitie and Rentokil Initial. Carillion said each regional provider must deliver year-on-year savings, meet key performance indicators and work to a guaranteed maximum price.

The contract involves building maintenance services, mechanical and electrical maintenance, minor plant replacement, minor works, cleaning and security.

Monterey was awarded preferred provider status in May.

BT is developing a facilities management IT system for health and safety requirements, finance and purchasing.