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"... A merger [between Land Securities and British Land would be an effective way to force through cuts - though it may not be strictly necessary, judging by the two smaller FTSE 100 real-estate investment trusts (Reits).
"Capital Shopping Centres spent just 8.8 of gross rental income on overheads last year, even including major acquisition costs it classified as exceptional.
"Hammerson also has a high cost base, at 13.6 per cent of gross rental income last year – but at least it has an explicit strategy to reduce it under new [new?] chief executive David Atkins."
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