Sainsbury's says property worth 8.0-8.6 billion pounds

Wed May 14, 2008 8:33am BST

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LONDON (Reuters) - J. Sainsbury (SBRY.L) expects its property portfolio is worth 8.0 billion pounds to 8.6 billion pounds although it has not completed an official valuation, Chief Financial Officer Darren Shapland said on Wednesday.

Shapland said he also expects market consensus forecasts for Sainsbury's full year 2008/09 underlying pre-tax profit to move down by 25 million pounds after the supermarket group said it would be investing in a non-food online business next year.

"The consensus stood at 577 (million pounds) as of last night and we are expecting that to move down by around 25 million pounds," Shapland said in a conference call with reporters after releasing annual results.

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