Land Securities has formed a 50-50 partnership with Sainsbury's to 'unlock development value' at the British supermarket group's stores. The joint venture, known as Harvest Limited Partnership, will initially involve three stores in Britain with an aggregate value of £113 mln (EUR 159 mln) and will run for an initial period of seven years.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
