Macquarie, the Australian investment bank, is back in the race for Trillium, the outsourcing and infrastructure arm of FTSE 100 property giant Land Securities.

Land Securities snubbed Macquarie when it trimmed the number of bidders down to three last month, but the bank has now teamed up with Telereal, one of the successful teams.

It is understood that if the consortium's bid is successful, Telereal, which is owned by London-based William Pears Group, would take Trillium's property assets and Macquarie those related to Private Finance Initiative-type investments.

Independent on Sunday