Sainsbury's beefs up its real estate division

UK retail group Sainsbury's has strengthened its real estate team after carrying out £2bn of asset management transactions since March 2007. The bulk of the activity relates to joint ventures with Land Securities and British Land, the UK's two largest real estate investment trusts.

Sainsbury's announced during the presentation of its preliminary results for 2007/8 that Peter Baguley, previously director of property, was being appointed to head a new unit called Sainsbury's Property Investors which will operate its joint ventures and manage 'potential development opportunities to maximise value'. Baguley will report directly to chief financial officer Darren Shapland. Sainsbury's also announced that John Rogers, director of group finance, has been promoted to the board-level position of property director.