The £1.4bn sale of Land Securities’ outsourcing arm Trillium has taken another twist after one of the two shortlisted parties withdrew its offer from the process, leaving a Middle East consortium as the only bidder.

A joint venture between the William Pears group, a family-run London property investment company, and Australian bank Macquarie has notified Land Securities that it has officially withdrawn its offer after five months of negotiations.

That appears to leave the way open for a consortium of Middle Eastern investors led by Amanda Staveley’s PCP Capital Partners. The group includes private investment business Aaim.

Land Securities has given the consortium more time to conduct due diligence.

Financial Times