Investment bank Goldman Sachs Group Inc. and British medical research charity Wellcome Trust have submitted a joint £1.2 billion bid for a commercial property portfolio being sold by Network Rail, Sky News reported.

According to the report, Network Rail is selling a portfolio of roughly 5,500 premises to raise funds for rail infrastructure investment.

A Wellcome Trust spokeswoman confirmed to the news outlet that the companies have submitted a nonbinding indicative offer for the assets.

Telereal Trillium and Terra Firma Capital Partners Ltd. are also reportedly among several bidders that have submitted initial offers for the portfolio.