The company revealed the plans on Wednesday after a review of its business by Citigroup. Its retail holdings include stakes in Birmingham’s Bullring and the redevelopment of Bristol’s Broadmead, as well as the Princesshay scheme in Exeter and Buchanan Galleries in Glasgow.
Separate quoted vehicles will also be set up for its property management and London office development business. The company said it was making the change because each of the three arms of the business worked to a different business model.
Group chief executive Francis Salway will head the business with head of retail Richard Akers as a board director. It will only put the proposal to shareholders after more detailed work and will not implement it until market conditions are appropriate.
This week, Land Securities agreed a deal with Sainsbury’s to create a£113 million joint venture, which will hold a portfolio of three supermarkets with development potential.
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