"We will now focus on our core property investment and development activities," says Francis Salway, chief executive of Land Securities, in a release. "The cash proceeds will strengthen our balance sheet in the current market and subsequently put us in a stronger position as the cycle turns."

The process began long before Telereal became involved, as Land Securities began investigating a possible demerger process as early as November 2007, according to the company's website. The recently changing market caused the REIT to halt its demerger discussions, but continued interest in selling Trillium, which culminated ultimately in this deal. The excluded portfolio includes 30 UK Accor hotels, which will stay in Land Securities' hands.

Trillium specializes in the public-private partnerships market and manages contracts with the Department for Work and Pensions, a governmental organization here. The company manages and holds 10% interest in the Trillium PPP Investment Partners Fund.