Land Securities Sells Trillium

Land Securities, the country’s largest real estate investment trust, has agreed to sell Trillium,its PFI and outsourcing arm, to former venture partner Telereal.

The company has sold Trillium for £750 million and will receive £444 million in cash from Telereal, which is controlled by the family-owned William Pears Group, following completion of the deal on January 12. The sale of Trillium does not include the Accor hotel portfolio which will remain within Land Securities.

LandSec chief executive Francis Salway said: "We are pleased to have concluded this sale in a challenging economic environment. The cash proceeds will strengthen our balance sheet in the current market and subsequently put us in a stronger postion as the market turns."

Graham Edwards, CEO of Telereal said: “Bringing together Telereal and Trillium will benefit our customers, our staff and our shareholders. Trillium and Telereal are a great fit – we are two of the leading players in the real estate sector whose businesses are highly complementary.”