The joint venture, which is equally owned, will operate for a proposed initial term of seven years and will start with three properties that have an aggregate value of £113.4m.

The three properties comprise two freehold stores in Thanet and Wandsworth owned by Sainsbury, and a Sainsbury supermarket owned by Land Securities in Hull. All three stores are on 25 year leases.

The joint venture, to be called Harvest Limited Partnership, is also expected to add to the property portfolio in time with additional retail sites.