A consortium led by property tycoon Vincent Tchenguiz has entered the increasingly competitive £ 2bn (EUR 2.5bn) bid to take over Land Securities' property outsourcing business, Trillium. Also participating is AAIM Infrastructure, a specialised public-sector project investment fund backed by Bank of Scotland. Credit Suisse is advising the consortium as well as providing debt financing.

A consortium led by property tycoon Vincent Tchenguiz has entered the increasingly competitive £ 2bn (EUR 2.5bn) bid to take over Land Securities' property outsourcing business, Trillium. Also participating is AAIM Infrastructure, a specialised public-sector project investment fund backed by Bank of Scotland. Credit Suisse is advising the consortium as well as providing debt financing.

The competition includes Goldman Sachs, which has reportedly joined together with Serco and Manish Chande, who originally founded Trillium with backing from Goldman. Goldman's bid is expected to come through its property fund, Whitehall. Telereal, Apax and Charterhouse have also submitted indicative bids.

The company's underperforming share price led to a strategic review in September 2007, after which Land Securities was split into three separately quoted businesses. The group believes that Trillium's value would improve significantly as a standalone company.