Land Securities will spend an estimated £60m on fees and other costs as it splits itself into three specialist companies. Financial Times, The Times, Daily Telegraph

The long-awaited move, confirmed yesterday, brings the curtain down on the company founded by Lord Samuel in 1944.

There will be an extra £10m-£15m in annual running costs – as well as the one-off £60m – and there is likely to be further expenditure as the company dismantles a £2bn securitisation.

The shares fell 23p to close at £15.45.

Land Securities had, until now, always said owning both shops and offices gave investors smoother returns through different cycles.