J Sainsbury is expected to reject calls to split itself into an operating company and a property group amid fears that the store portfolio has slumped in value by up to 15%. Financial Times

Robert Tchenguiz has renewed pressure on Sainsbury to release value from the properties by separating them from the operating company.

Property experts and analysts yesterday warned that the decline in the commercial property market over the last few months meant the proposal was less palatable to the board.

'I think they’ll just discount it completely,' said Freddie George, analyst at Evolution Securities. 'It just doesn’t make sense at the moment.'