Five masterpieces - including work by Picasso and Matisse - have been stolen from the Paris Museum of Modern Art by a lone burglar.

According to The Times, initial estimates had valued the five paintings at around €500m (£432m, US$617.6m), with guards discovering the theft early on 20 May. Works by Georges Braque, Amedeo Modigliani and Fernand Leger are also said to be among the paintings stolen, which were cut from their frames after the intruder entered from the rear of the building.

The newspaper said that the Brigade de Répression du Banditisme - an elite police unit responsible for tackling organised crime and art theft - will lead the investigation.