Land Securities REIT, the largest listed real estate company in the UK, is studying the benefits of selling off its property outsourcing division, Land Securities Trillium. Analysts have valued the Trillium division at between £1 bn and £1.5 bn (EUR 1.3 bn to EUR 2 bn).
Land Securities REIT, the largest listed real estate company in the UK, is studying the benefits of selling off its property outsourcing division, Land Securities Trillium. Analysts have valued the Trillium division at between £1 bn and £1.5 bn (EUR 1.3 bn to EUR 2 bn).
Land Securities said on Wednesday that the board had agreed to study the merits of a sell-off against the option of a de-merger following 'recent expressions of interest'.
The company did not comment directly on various media reports that Australian bank Macquarie and private equity firms were considering bidding for Trillium. Land Securities said that the evaluation of the benefits of a sale of Trillium would run in parallel with the demerger process, which remained the 'focus of the board'.
Land Securities has a portfolio of commercial property worth over £14 bn. Half of the portfolio is in London and the rest is made up of 60 retail projects around the UK. Under pressure after a 30% drop in the company share price since January 2007, CEO Francis Salway announced in November that Land Securities would be split into three separate listed companies: retail, London and Trillium.
