Property group Liberty International became the FTSE 100's biggest faller this afternoon after it posted weaker than expected full-year results.
It also announced plans to split into two businesses, one focused on UK shopping centres and the other on central London commercial properties.
"The demerger will enable Capital Shopping Centres and Capital & Counties to achieve greater value for shareholders over time, than the current Liberty would as one combined business," said CEO David Fischel.
Liberty posted a 38% fall in full-year 2009 diluted and adjusted net asset value per share to 464p at end-December 2009, down from 745p a year earlier, as Britain's worst recession in decades hit retailers - its key tenant base.
Underlying earnings, excluding valuations, were £91m, against £105m a year earlier.
Shares in the company were down 22.5p, or 4.44%, at 484p.
