Business
Completion of Trillium sale
Completion of Trillium sale.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n RNS Number : 4994L Land Securities Group Plc 12 January 2009 \n\n \n12 January 2009 \n\nLand Securities Group PLC ('Land Securities' / 'the company')\n\nLAND SECURITIES CONFIRMS COMPLETION OF THE SALE OF TRILLIUM\n\nLand Securities Group PLC today confirms that it has completed the sale of Land Securities Trillium ('Trillium') to Telereal, the property investment and services company. \n\nThe sale does not include the Accor hotel portfolio which will remain within Land Securities. \n\nThe company also confirms that Ian Ellis, formerly Chief Executive of Trillium, has resigned from the Land Securities Board with immediate effect.\n\n\n- Ends -\n\nFor further information, please contact:\n\n\n\n\n\nDonal McCabe / Francis Salway\n\n\n \n\n\n\n\nLand Securities Group PLC\n\n\n \n\n\n\n\nT: +44 (0)20 7024 5460 / +44 (0)20 7413 9000\n\n\n \n\n\n\n\n\nNotes to editors\n\nBackground to and reasons for the Sale\n\n\n\nIn November 2007 Land Securities said that following a review of the structure of its business, it had concluded that over the long-term the Group's component businesses, and shareholders, will benefit from separation, and planned to demerge the Group into three specialist separately quoted entities. \n\n\n\n\nIn February 2008, following expressions of interest in Trillium, Land Securities announced that it would evaluate the benefits of a sale against the merits of a demerger. \n\n\n\n\nIn November 2008, Land Securities said that, while the Board still recognised the benefits of specialisation, adverse market conditions had caused work on demerger to cease but that the evaluation of the Trillium sale process continued. \n\n\n\n\nThe Board completed a thorough review of Trillium in light of the approaches received and, as a result, it was decided to crystallise value in Trillium. The sale to Telereal was initially announced on 8 January 2009.\n\n\n\nLand Securities Group PLC\n\n\n\nLand Securities is the UK's leading Real Estate Investment Trust with a national portfolio of commercial property worth around £12 billion. Our investment portfolio also has over 50 retail parks and shopping centres including Br...