Europe's innovative CMBS market is set to make further strides, with two landmark deals being marketed to European investors.

In the U.K., Morgan Stanley Dean Witter's highly successful property securitization team has structured a deal for supermarket group J. Sainsbury, which allows the originator much more flexibility than is possible under a traditional sale and leaseback deal with a property company. It is thought to be the first time that a sale and leaseback structure has been combined with a securitized bond issue.

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