Land Securities Trillium, a subsidiary of the UK property group, has won a six-way battle for the Secondary Market Infrastructure Fund, a private finance initiative investment vehicle, with an offer valuing the fund at £927m (€1.4bn).

The investors, private equity firm Star Capital Partners, Halifax Bank of Scotland and investment firm AMP Capital Investors, said the fund is one of the largest of its kind in Europe with total assets under management of £4bn. It was set up in 2001 and acquired by Star three years ago.