Developer Hammerson has drawn up a shortlist of three contractors for three of its largest developments in London, Leicester and Bristol.

The developer is considering bids from Bovis Lend Lease, Robert McAlpine and Laing O’Rourke to build schemes for the London Stock Exchange, the Shires shopping centre in Leicester and the Merchants’ Quarter in Bristol.

All three contractors are still in the running for all three jobs, but the client is understood to wish to avoid giving one contractor all three, which would have a combined worth of almost £700m.

A source close to the projects said: “There are capacity issues with appointing one contractor to do all three projects, so we are looking at the process.”

Hammerson is due to announce the winner in the race to build the £150m London Stock Exchange in the next few weeks. The building was designed by Grimshaw and Eric Parry Architects.

Bovis is understood to be best placed to pick up the job.

The contractor for the £250m Merchants’ Quarter project in Bristol will be announced next month.