LONDON-Land Securities is to take over another nine million sf of government property as its Trillium outsourcing subsidiary reaches agreement with the UK government to take on the former Employment Services estate, consisting primarily of 1,078 Jobcentres in almost every town in the country.

The deal will take the form of an extension to the existing PRIME (Private Sector Resource Initiative for the Management of the Estate) agreement, under which Trillium took on the former Department of Social Security property portfolio. Under this agreement Trillium took ownership of the properties in return for a single service payment that covers rent and building services.

Land Securities Trillium will make a transfer payment of £100 million ($165 million) to the DWP as part of the agreed freehold valuation. Following the contract expansion both the former Department of Social Security and Employment Service estates will be run as one, under a single expanded contract expiring in 2018. Land Securities Trillium expects to receive an additional £140 million ($235 million) in service payments over the term of the contract.

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