Land Securities Trillium announced today that it had completed the acquisition of the specialist public private partnership business, Secondary Market Infrastructure Fund (SMIF).

Trillium paid £527m for the equity of SMIF from former shareholders STAR Capital Partners, Halifax Bank of Scotland, and AMP Capital Investors. It has also assumed SMIF’s net debt of around £400m.

The portfolio totals 25.2m sq ft (2.34m sq m) of accommodation, 80% of which comprises public service buildings including schools, hospitals and prisons.

The balance of the portfolio lies in infrastructure assets such as highway maintenance and a stake in a water company.

Ian Ellis, chief executive of Land Securities Trillium, said: ‘This acquisition positions us as a leading player in the public private partnership market. Our entry into the sector with our investment in Investors in the Community ensured our position in the primary PPP market.

‘This latest investment in SMIF now gives us access to the secondary PPP market. The two sectors are showing increasing convergence and our collective interests amount to some 100 PPP projects.’