Trillium sold to Telereal for £750m
12 January 2009
Land Securities sold Land Securities Trillium to property and investment services company, Telereal, last week.
Land Securities Group has sold Land Securities Trillium to Telereal for a total headline consideration of £750m. The sale does not include the Accor hotel portfolio which will remain within Land Securities.
In November 2007, Land Securities announced following a review of the structure of its business, to demerge into three specialist separately quoted companies. In February 2008, following interest in Trillium, Land Securities announced that it would evaluate the benefits of selling Trillium. In November 2008, adverse market conditions prompted the Board to cease work on the demerger but continue with the sale of Trillium.
Land Securities will receive about £444m cash on completion with a further £25m of cash deferred for up to 24 months.
Trillium (excluding Accor) generated underlying profits for the year to 31 March 2008 and six months to 30 September 2008 of £102m and £47m, respectively.
Trillium is a pioneer and market leader in property partnerships and its clients include the Department for Work and Pensions and other government departments.
Telereal is an investment and services company with a focus on property. Founded in 2001 it has assets of £4bn, an annual turnover of £300m and employs over 350.
Among Telereal's clients are:
--BT in a £2.4bn property outsourcing deal in which it owns and manages over 6,700 properties across the UK. It covers Property Management, Finance, Rating and Property Related IT Services.
-- O2's entire UK portfolio of cellsites, retail units, offices, switch sites, call centres and other properties.
Services include Lease Renewals, Rent Reviews and Disposals , Property Management, Finance Services - Rent, Service Charge and Rates Payments and Subletting Management and Income Collection,
Rating Appeals, Associated IT Services - Property Databases, and Property Portal.
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