Announcement of joint venture

Sainsbury(J) PLC
14 November 2007


14 November 2007


                Sainsbury's announces new property joint venture

Sainsbury's today announces a joint venture (jv) with Land Securities, which
will combine the retail and development expertise of the two companies to
develop Sainsbury's anchored developments.

Initially the 50:50 jv, called 'The Harvest Partnership', will run for a term of
seven years and will own the freeholds of three properties to a market value of
£113.4 million. These sites have significant potential beyond standard
extensions to the Sainsbury's stores and may include mixed-use development.
Both partners intend to add properties to the Partnership as well as actively
pursuing other suitable opportunities together.

Peter Baguley, Sainsbury's property director said: 'This joint venture is part
of the active management of our property portfolio, outlined in May, and gives
us access to the specialist development skills of Land Securities.  It allows us
to maximise the potential at each site, improving both our customer offer and
the value of the property, whilst retaining operational control and 
flexibility.'

Richard Akers, managing director of retail at Land Securities said: 'This joint
venture means we access key development opportunities and gain a partnership
with one of the UK's leading retailers.  These three sites all have potential
for development which we can help unlock through our expertise.

'We are very excited about this opportunity and look forward to a long and
successful partnership which increases in size as other suitable opportunities
are identified.'

In a separate transaction, Sainsbury's has exchanged contracts to purchase two
existing stores from Land Securities in Winchester and Wednesfield.

                                     -ends-

Enquiries:

Sainsbury's Investor Relations                 Sainsbury's Media

Elliot Jordan                                  Gillian Taylor
[phone]                           [phone]



Notes: -

1.   The transaction initially includes two Sainsbury's freehold stores in
     Thanet and Wandsworth, and one Land Securities owned site, where 
     Sainsbury's is a tenant, in Hull.

2.   Land Securities and Sainsbury's have an existing landlord tenant
     relationship on a number of trading sites.

3.   62 per cent of Sainsbury's properties are freehold or long leasehold and
     the company's property portfolio was valued at £8.6bn in March 2007.



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