The UK’s biggest developer revealed this week that it was considering breaking up its business after shedding a fifth of its value on the stock market since January.

In a statement on Wednesday, Land Securities said a review of its business was “well progressed”. It added that it would issue a further update once a review, ordered by Paul Myners, its chairman, was complete.

Analysts speculated that this will lead to Trillium, the company’s property management arm, being spun off from the rest of the business. Broker JP Morgan said it believed Trillium contained “significant hidden value” but said now was not the right time for a sale.

Francis Salway, Land Securities chief executive, said: “It became evident to us that we should test our structure against alternatives to ensure we have the optimal structure for long-term value.”

Land Securities has a £15.5bn portfolio but its share price fell from £23.23 in January to £18.27 this week, valuing it at £8.5bn.

The company, which recently submitted a planning application for a £2bn scheme in Victoria, London, recently converted into a real estate investment trust (Reit).