Land Securities is in the final stage of the sale of Trillium, its outsourcing business, to a private London property group.
People close to the negotiations said last night that a deal should be struck within the next 48 hours to sell to Telereal, a rival investment and property services business owned by the family owned William Pears Group.
However, those people said the price being discussed was less than the £900m originally bid. With Land Securities still to agree on the final terms, the deal could yet collapse.
Backing out is widely seen as unlikely, however, as Land Securities is keen to bolster its cash position and pay down corporate debt.