Safeway, the UK's fourth largest supermarket group, has created a joint venture with a private property group to explore how it might best exploit the potential of its 480 stores and land surrounding them. Safeway has hooked up with London & Regional, operated by brothers Ian and Richard Livingstone, to investigate ways of drawing maximum value from its property portfolio, currently valued at some £3bn (US$4.39bn). Selective developments at certain stores could include building above parking space, or on top of stores, this space then being let out as office facilities.