The sale of the Land Securities’ property outsourcing arm moved a step closer on Monday, as potential bidders submitted indicative proposals to the company.

Land Securities is running a twin-track, sale and demerger process, weighing up the benefits of selling Trillium, its property outsourcing arm, against spinning it off as part of its split into separate retail, London and outsourcing companies.

It is thought that a number of parties submitted proposals to Land Securities including Australian financial services group Macquarie, and private equity firms Cinven and Apax.

Land Securities is thought to value Trillium at around £1.5bn. UBS and Citi are thought to be advising the company on the demerger and possible sale.

Chief executive Francis Salway said in February that the company had received unsolicited offers for Triliium, and that the company would consider offers it thought were appropriate. It is uncertain as to how long the sale process will take, due to the constraints in the finance markets in raising debt for large corporate acquisitions.

Earlier this month a takeover bid for fellow property outsourcing firm Mapeley by private equity firm Fortress was abandoned. It is thought that debt constraints led Fortress to drop its interest in Mapeley, in which it is the majority shareholder.

Land Securities declined to comment.