Qatar snaps up Trillium bid from Dubai

NEW BIDDER: The QIA has come forward as a prospective new bidder for the UK's Trillium. (Getty Images)

The Qatari Investment Authority (QIA) has come forward as a prospective new bidder for Land Securities’ $2.8bn outsourcing arm Trillium.

Land Securities is the UK's largest real estate investment trust.

The sovereign wealth fund is believed to have replaced the Investment Corporation of Dubai in a consortium including property fund manager aAIM, The Daily Telegraph reported.

Despite a failed bid last year for Sainsbury’s and reported losses on its investment in care home operator Four Seasons, the QIA seems determined to bid once again.

The new parties have been granted a week to propose a bid that could trump the existing $1.7bn offer made two weeks ago by a consortium led by the Pears’ family-owned business Telereal and its bidding partners, Australian bank Macquarie, the newspaper said citing unidentified sources.

Reports suggest that the original consortium of aAIM and the Investment Corporation of Dubai had submitted a $2.4bn bid for Trillium.

Land Securities, however, was never happy with the consortium’s stipulation that it was allowed exclusivity.

By switching its financial backer from ICD to the Qataris, aAIM is believed to have resolved the issue of exclusivity, and will now go head-to-head with Telereal, the newspaper said

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