Land Securities said today it was weighing up the benefits of a sale of its property outsourcing arm Trillium.
It said that it was looking into the benefits of a sale of the division as opposed to spinning it off into a separate business as part of its proposed three-way demerger announced last November.
Outsourcing action
Speculation over the weekend linked Australian bank Macquarie, one of the world’s largest infrastructure investors, with a possible offer.
In the six months to September 2007 Trillium made an underlying operating profit of £58m, 20% of Land Secs’ total. In December, it confirmed it had secured £568m of debt and raised 67% of the equity for a new £1.1bn fund to bring in third party investment.
Land Secs’ announcement comes a day after property outsourcing firm Mapeley announced that it had received bid approach. It is believed that Fortress, the private equity firm that floated Mapeley in 2003, and which owns around half the company, is behind the offer.
No comments yet