Trillium sale open to underbidders

Land Securities has opened up the auction for its Trillium outsourcing and infrastructure arm to underbidders.

The company has invited parties originally turned away to make revised offers, in the hopes to attract bids nearer to its £1.4bn target price.

Back in the game is a consortium including property entrepreneur Vincent Tchenguiz, Aaim and an unnamed Middle Eastern investor, according to the Financial Times.

The newspaper said other interested parties included Australian bank Macquarie and private equity fund Charterhouse Capital Partners.

Land Securities has called for revised bids later this month.

If the initiative fails it will could float the business with its retail and office divisions.