Land Securities to abandon demerger plans

Land Securities is planning to abandon its demerger plans because of the property meltdown.

The firm had hoped to offload its Trillium property services division and demerge retail and office divisions, but have shelved the plans because of slumping office rents.

In its first-half results, due Wednesday, Land Securities is expected to slash at least £1.5bn off the value of its £13.6bn portfolio of offices and shopping centres.

According to the Daily Mail, the company is still trying to sell Trillium, which could go for £900m.

However, it is expected to announce the U-turn on the sale with Wednesday’s results.