Land Securities is set to demerge its Trillium outsourcing business into a separately listed company valued at more than £1 billion. The Times.

The move to break up Britain’s largest real estate investment trust follows months of discussions between Paul Myners, who took over as chairman in January, Francis Salway, chief executive for the past three years and banking advisers.

Land Securities’ share price has fallen by 36% since Myners stepped into the chairman’s role, leaving it with a market value of £6.9bn even though the company last valued its property portfolio at £14.8bn.

The board is due to meet next week, coinciding with the publication of its first-half figures, to agree formally to a demerger of Trillium.