Land Securities Group PLC has announced that its property partnership business, Land Securities Trillium ("LST"), has purchased the remaining interest in Investors in the Community Group Limited ("IIC"), its joint venture with Mill Group. LST will pay Mill Group a total of £7.4 million for the remaining 50% interest in IIC.
Since creating the partnership in January 2006, IIC has been focused on advancing its position in the Building Schools for the Future ("BSF") and community Public Private Partnership ("PPP") markets. It is currently short-listed for major BSF projects in Islington and Kent with an anticipated value of circa £500 million and will continue to seek additional opportunities in socially responsible community projects.
Ian Ellis, Chief Executive of Land Securities Trillium, commented on the transaction: "LST believes that the total ownership of IIC together with the recent acquisition of SMIF will provide the Group with a broad reach into its target markets, embracing property partnerships and both primary bidding and acquisition of secondary Public Private Partnerships.
"The integration of the three businesses will give us a very strong origination capability and provide a clear differentiation in terms of our ability to generate future value for shareholders."
IIC currently manages on behalf of institutional investors a £650m portfolio comprising seventeen secondary and six primary schools and twenty-two local authority and community health sector facilities.
All forty nine IIC employees will transfer to LST.
Source: Land Securities