LAND Securities Group Plc, the United Kingdom's largest real-estate investment trust, said its plan to split the company into three will be implemented "when market conditions are favorable."
Offers from potential buyers of its Trillium property-management business are being assessed, the London-based company said yesterday.
Real-estate values have slumped 19 percent over the past year as banks made transactions harder and more expensive to finance, while demand for offices and shops is falling as the UK economy expands at the slowest rate since 1992, according to Bloomberg News. "Occupier reaction to economic conditions will be the key factor in determining property performance over the next 12 months," Chief Executive Officer Francis Salway said.