Macquarie, the Australian bank, is eyeing up a £1.5bn-plus bid for Land Securities Trillium, the infrastructure fund and property outsourcing giant. Independent on Sunday, Financial Times

The bank is understood to have established a team to assess the viability of a bid. This could make Macquarie first off the blocks after Francis Salway, chief executive of Trillium's parent Land Securities, in effect put the subsidiary up for sale last month. Salway said he would look at any "serious bid" for the business.

The move has been hampered by the deterioration in the markets, but UBS is understood to have been hired by Trillium to advise on the demerger. Land Securities hopes to complete the demerger of all three businesses within a year, with Trillium hived off early if a bidder does not appear first.