UK property firm Land Securities has announced the first closing of Trillium PPP Investment Partners, the joint venture established to enable third-party investors to gain exposure to Trillium's Public Private Partnership contracts.
UK property firm Land Securities has announced the first closing of Trillium PPP Investment Partners, the joint venture established to enable third-party investors to gain exposure to Trillium's Public Private Partnership contracts.
Including the 15% equity stake which Land Securities Trillium intends to hold over the long term, Trillium Partners has now received firm commitments for 67% of the equity and remains on target to reach financial close by the end of March 2008. Trillium Partners has raised over 83% of its initial capital requirement of £1.14 bn. The equity partners are Halifax Bank of Scotland through its wholly owned subsidiary, Uberior Infrastructure Investments, Victorian Funds Management Corporation of Australia, and Bank of Ireland funds.
Trillium Partners is the largest investment vehicle of its kind focused on PPP contracts. Following the first closing, Trillium Partners will begin acquiring projects from Land Securities Trillium in early 2008. Trillium Partners aims to grow over the next five years to an invested value of nearly £2 bn through the acquisition of mature operational PPP assets.
'The purchase of the Secondary Market Infrastructure Fund in February 2007 was the company's largest ever acquisition and was made with the intention of establishing a joint venture to bring in third party investors alongside our own long-term investment', said Land Securities' CEO Francis Salway.