Goldman Sachs is considering entering the £1.5bn auction of Trillium, the outsourcing arm of the property giant Land Securities.
According to the Sunday Telegraph, Goldman is understood to have held informal talks with the private equity group Cinven, which has already approached Land Securities, about participating as an adviser or potential coinvestor.
Goldman has strong historic links with Trillium.
The US bank’s property fund Whitehall sold it to LandSec seven and a half years ago.
LandSecs bought the outsourcing company from Goldman for £160m in cash and shares in November 2000. It also assumed £168m of debt.
Since then, the business has grown from managing 16m sq ft to managing 50m sq ft.
Turnover has grown from £285m in 1999 to £793m in 2007, while operating profits have climbed from £28.3m to £98m.
If Goldman does proceed with a bid, it would be likely to buy the business back at more than four times the value for which it sold it.