Land Securities has began an auction for its Trillium outsourcing business that could fetch up to £1.5bn. Financial Times, The Times

The company said the process would run in parallel with its wider demerger process.

Land Securities plans separately to de-merge and float its retail and London offices businesses into listed real estate investment trusts.

The company was adamant that a sale of Trillium would not change these plans.

Land Securities has already had several expressions of interest from overseas investors, including from a number of private equity groups interested in infrastructure projects.

Australia’s Macquarie Group is also understood to be lining up a bid for the division.