The Qatar Investment Authority (QIA) has reportedly emerged as a prospective new bidder for Land Securities’ $2.8 billion (€1.78 billion) outsourcing arm Trillium.
Land Securities, the UK’s largest real estate investment trust, first received interest from the Investment Corporation of Dubai (ICD), in a consortium including property fund manager aAIM. However the ICD consortium dropped out of the bidding after reportedly submitting a £1.2 billion bid for Trillium. According to a report in the UK’s Daily Telegraph newspaper, Land Securities was unhappy with a stipulation from ICD demanding exclusivity.
According to the report, the new partners have been granted a week to propose a bid that is higher than the $1.7 billion offer made two weeks ago by a consortium led by the Pears’ family-owned business Telereal and its bidding partners, Australian bank Macquarie. That bid by Telereal is understood to not include Trillium's $800 million portfolio of Accor hotels.
Last year QIA made a bid for the UK grocery chain J. Sainsbury, but the deal fell through when QIA decided against funding a £500 million equity increase.
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