Land Securities confirmed it had sold its Trillium property management business to Telereal, part of the family-owned William Pears Group, for £750m.

The figure is well below earlier market expectations of the sale value, and will generate a £340m loss for Land Securities.

But Francis Salway, chief executive, said that given the difficult state of the property market, the group had decided it was better to sell Trillium and receive cash now than at some unspecified future date.

The sale of Trillium, which owns and manages property assets for corporate and government occupiers, would leave Land Securities with a stronger balance sheet he said.

Land Securities shares fell 15.5p to 984p.

Financial Times, The Times, Daily Telegraph