Land Securities is to be split into three separately quoted companies after revealing a slump in pre-tax profit.
The company said it plans to demerge property outsourcing business Trillium and divide the remainder of the business into two divisions, focusing on retail property and London real estate.
It said the break-up would increase shareholder value and attract investment from global property funds, which favour specialist companies.
At the same time the company released its interim results for the six months ended 30 September, which showed a pre-tax profit of £375.2m compared with £1.17bn in 2006.
The adjusted diluted net asset value was up 55p to 2236p, an increase of 2.5%.
The basic net asset value was 2356p, an increase of 52p.