Land Securities has turned to a family-owned London property business to buy its Trillium outsourcing arm after failing to complete a £1.1bn deal with a Middle East investment consortium.
Land Securities has entered into exclusive talks to sell Trillium to Telereal, an investment and property services company owned by the William Pears Group, the private business of a London-based family.
Telereal has bid more than £900m to acquire the Trillium division, although the deal excludes part of the business that owns the leases and provides maintenance for a portfolio of hotels run by Accor.
Originally, Land Securities had hoped to sell the entire business for more than £1.4bn but the process has been made difficult by worsening financial conditions since it instigated the sale at the beginning of the year. A number of other interested parties have failed to secure the necessary finance to complete the deal, leaving Land Securities few options.