Land Securities set to review legal advisers

Land Securities’ proposed acquisition of Trillium has raised questions about future legal provision, currently provided by Nabarro Nathanson and Freshfields Bruckhaus Deringer respectively.

It is understood that a panel of outsourcing advisers could be set up following the acquisition of Trillium by Land Securities.

Since it was formed in 1997 to take on the DSS portfolio, outsourcing company Trillium’s chief adviser has been Freshfields Bruckhaus Deringer. The relationship stemmed from Freshfields’ existing client, the Goldman Sachs-managed Whitehall Fund, which holds the main stake in Trillium. It also uses Lovells when Freshfields is conflicted out.

Land Securities has traditionally used Nabarro Nathanson as its main corporate and property adviser, but when the property company teamed up with Trillium to bid for the BBC and London Underground property outsourcing contracts, Freshfields and Lovells were instructed respectively.

It is thought that a larger selection of firms will be needed as Land Securities expands its outsourcing business and the process gains popularity with private sector occupiers.

One source says: “Which lawyers will be used by Land Securities is very much up in the air at the moment.

“Trillium are wedded to Freshfields and Land Securities are to a lesser extent wedded to Nabarros, who are definitely their number one firm. Bearing in mind that Lovells is advising on Portal 2000 [the London Underground bid], I imagine that they could get some Land Securities work in the future.”

Commenting on the company’s future legal needs, Land Securities chief executive Ian Henderson says: “It is early days yet, but we see this as a major opportunity for everyone concerned.”