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Land Securities closes TrilliumPartners PPP JV

18 March 2008

Land Securities Group PLC has today announced the successful closing of Trillium PPP
Investment Partners (Trillium Partners), the £1.136bn joint venture established to enable third party investors to gain exposure to Land Securities Trillium’s Public Private Partnership contracts (including its Public Finance Initiative work).

Trillium Partners has been established with an initial capital of £1.136bn of which half is debt financed and half equity. The strong demand has meant that Land Securities Trillium will only retain a 10% stake against the originally stated intention to hold 15%. Equity partners are Halifax Bank of Scotland plc through its wholly owned subsidiary, Uberior Infrastructure Investments, Victorian Funds Management Corporation of Australia, funds from Bank of Ireland, Transport for London Pension Fund, Lloyds TSB, London Pensions Fund Authority and pension funds operated by Daily Mail General Trust plc.

Trillium Partners is the largest investment vehicle of its kind focused on PPP contracts and aims to grow progressively over the next five years to an invested value of nearly £2bn through the acquisition of mature operational PPP assets.

Commenting on the closing of Trillium Partners, Land Securities’ Chief Executive Francis
Salway said: “The successful closing of Trillium Partners on time and in line with expectations is a tremendous achievement. This marks an extremely encouraging start for Trillium Partners which will acquire projects from Land Securities Trillium and look to grow on the back of its financial strength, the expertise of the Trillium management team and the growing opportunities that we continue to see in the Public Private Partnership market.”

Land Securities is a Real Estate Investment Trust with a national portfolio of commercial property worth over £14bn including 60 retail parks and shopping centres. Half its portfolio is in London including Piccadilly Lights and Westminster City Hall and it is developing mixed-use schemes such as Cardinal Place, Victoria and New Street Square in mid-town. Land Securities has property outsourcing and partnerships through Land Securities Trillium.


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