X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.