A consortium including the Qatari Investment Authority and London private property fund manager aAIM are reportedly close to sealing the acquisition of Land Securities’ Trillium property outsourcing company for around £1.1 billion (€1.3 billion; $2 billion).
Parties to the deal are nearing agreement following the tabling of a bid last week. The consortium is being advised by PCP Capital Partners, according to reports.
The auction of Trillium, which was put up for sale last year, has attracted interest from a various groups including Australia’s Macquarie Bank and Goldman Sachs. Land Securities has said it is also considering spinning off the company as part of a three-way demerger.
Land Securities has not issued a statement on the report.
Land Securities, the UK’s largest real estate investment trust, first received interest from the Investment Corporation of Dubai (ICD), in a consortium including property fund manager aAIM. However the ICD consortium dropped out of the bidding after reportedly submitting a £1.2 billion bid for Trillium. According to a report in the UK’s Daily Telegraph newspaper, Land Securities was unhappy with a stipulation from ICD demanding exclusivity.
Last year QIA made a bid for the UK grocery chain J. Sainsbury, but the deal fell through when QIA decided against funding a £500 million equity increase.