William Pears shortlisted in Trillium bid

Property investment group William Pears is a frontrunner in the takeover bid for Land Securities outsourcing arm Trillium, it has been reported.

According to a source close to the auction, William Pears is one of four firms to be shortlisted for a possible takeover of Trillium, the Independent reports.

Australian bank Macquarie and private equity firm Apax are also said to be on the list.

The identity of the fourth bidder is not yet known with one source naming it as buyout firm Cinven while another saying it is Charterhouse Capital Partners.

Indicative bids for Trillium were submitted last week and Land Securities is believed to have asked for second-round proposals by the middle of next month.

According to Property Week, Land Securities, the UK's largest property company, is mulling over whether to sell Trillium or split its business as part of a demerger process into separate retail, London and outsourcing units.

The company's chief executive Francis Salway revealed in February that the firm had received unsolicited offers for Trillium, which the Land Securities is believed to value at around £1.5 billion.

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