Land Securities Trillium has completed the fundraising for its £1.1bn Trillium Partners fund.
The property outsourcing arm of Land Securities, which last month received expressions of interest for a takeover bid, has raised initial capital of £1.1bn for the fund, which is half debt financed and half equity.
Investors in the fund are HBOS subsidiary Uberior Infrastructure Investments, Victorian Funds Management Corporation of Australia, funds from Bank of Ireland, Transport for London Pension Fund, Lloyds TSB, London Pensions Fund Authority and pension funds operated by Daily Mail General Trust.
The fund will be seeded with assets from the Secondary Market Infrastructure Fund portfolio it bought last year. It will aim to purchase mature public private partnership assets and aim to grow to an invested value of £2bn over the next five years.
Land Securities said it was holding a 10% stake in the fund, as opposed to 15% as initially planned, because of strong interest in the fund.
Land Securities' chief executive Francis Salway said: ‘The successful closing of Trillium Partners on time and in line with expectations is a tremendous achievement.’