12th Jan 2009 16:06
RNS Number : 4994L
Land Securities Group Plc
12 January 2009
12 January 2009
Land Securities Group PLC ("Land Securities" / "the company")
LAND SECURITIES CONFIRMS COMPLETION OF THE SALE OF TRILLIUM
Land Securities Group PLC today confirms that it has completed the sale of Land Securities Trillium ("Trillium") to Telereal, the property investment and services company.
The sale does not include the Accor hotel portfolio which will remain within Land Securities.
The company also confirms that Ian Ellis, formerly Chief Executive of Trillium, has resigned from the Land Securities Board with immediate effect.
- Ends -
For further information, please contact:
|
Donal McCabe / Francis Salway
|
|
|
Land Securities Group PLC
|
|
|
T: +44 (0)20 7024 5460 / +44 (0)20 7413 9000
|
|
Notes to editors
Background to and reasons for the Sale
In 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.
In 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.
In 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.
The 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.
Land Securities Group PLC
Land 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 Bristol's Cabot Circus, Leeds' White Rose Centre and Exeter's award-winning Princesshay development.
Land Securities' multi billion pound development programme is transforming regional city centres including Cardiff and Leeds, key Central London sites and delivering long-term, large-scale regeneration projects in the South East.
Half of the Land Securities' portfolio is in London, where it owns landmark buildings such as the Piccadilly Lights and Westminster City Hall, and is developing some of the capital's most innovative mixed-use schemes, such as One New Change in the City and Park House on Oxford Street.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISBLGDBBGBGGCD
Related Shares:
Land Securities
