Greene King, which owns and operates more than 2,000 pubs around the UK, is planning to unlock the value of its property portfolio in a joint venture with a real estate company. The Times. Daily Telegraph. Financial Times. The Independent

The pub operator's unsecuritised estate of 872 pubs is valued at about £700m, compared with its market capitalisation of £1.4bn.

Greene King wants to split into an 'op-co/prop-co' structure and is looking for a partner with property expertise to manage its pub real estate in a 50:50 joint venture.

Rooney Anand, Greene King's chief executive, said: 'We'd like to find the right partner to have another source of finance and lower cost of capital.'

The joint venture would allow the company to return £100m to shareholders.