Sainsbury: forms 1,2 billion GBP joint property venture

London / UK. (js) J. Sainsbury PLC announced the formation of a ten-year, 1,2 billion GBP property joint venture with British Land as it reported better than expected fourth-quarter trading. The supermarket operator, which has been under pressure to release value from its property portfolio, said it was investing 273 million GBP in the 50:50 securitised joint venture, which owns 39 retail sites with a value of 1,2 billion GBP – representing a net equivalent yield of 5,1 percent. Sainsbury said the venture «unlocked significant development potential and value creation». Robert Tchenguiz, the investor who is a leading shareholder in Sainsbury, has been lobbying Sainsbury to release value from its properties (press release).