Land Securities is understood to have abandoned plans to break up its £15bn real estate portfolio, following the departure of chairman Paul Myners to become the new City minister.

Myners, a former Marks & Spencer chairman, is believed to have been the architect of the proposal to spin off Land Securities' three big businesses: Trillium, the property outsourcing division; a London offices real estate investment trust (Reit); and a retail Reit.

While Trillium is still likely to be sold off to a consortium led by the William Pears Group, a company insider said that the break-up of the two Reits "is now talked of in years rather than weeks or months". Industry sources who have spoken to management suggested that the idea, which was greeted with much fanfare last year, is now unlikely to happen.

Independent on Sunday