Property News - Sainsbury's bows out of property

Sainsbury's has completed its withdrawal from property development with the sale of its last six development schemes to a joint venture between Kier Property and HBOS for£32.3 million.

The properties - a mixture of industrial, retail and residential - are situated in Chichester, Kingston, Maidenhead, Sunbury, Sydenham and Lincoln.

The sale means Sainsbury's has raised a total of£200 million from J Sainsbury Developments. Last year, a consortium headed by Catalyst Capital bought the company's investment portfolio.

Sainsbury's property director Desmond Taljaard said: 'I am pleased that this, the final sale of the J Sainsbury Development sites, has been successfully concluded.'

DTZ Debenham Tie Leung advised Kier Property. Jones Lang LaSalle acted on behalf of Sainsbury's.