Cinven has approached Land Securities about a takeover of its business outsourcing arm Trillium. Sunday Telegraph

Land Securities is running a twin track auction and de-merger process for Trillium, in a move that could raise about £1.5bn.

Although a de-merger is the preferred option, a sale has become possible because of third-party interest in the group.

Cinven is one of a number of private equity investors who are thought to be interested in Trillium.

Australian infrastructure group Macquarie is also thought be lining up a bid for the business.

Last Wednesday Land Securities said it would run the two disposal options in tandem in order to allow it to properly evaluate the relative benefits of a sale compared with those of a de-merger.