The new property services joint venture Trammell Crow Savills is reported to be in the running to buy the FM component of the property management arm of Deutsche Telekom, DeTeImmobilien. According to FT Deutschland, Siemens and Thyssen-Krupp are also interested, with Siemens the front-runner.

The FT says the asset management and facility management arms of the loss-making subsidiary will be split next year but FM will be sold off before then. "Potential investors are demanding a 35% stake in the FM arm … with an option to take full control … after two years," reports the FT.

Such an acquisition would fit Trammell Crow Savills' strategy of expansion in Europe. The company recently announced the creation of a new Technology Media Telecoms division to offer non-core support services and property transactions.

Richard Byatt