A joint venture between Goldman Sachs and private property company London & Regional has been placed into administration, after Woolworths, which was tenant to the majority of the venture's premises, failed to pay its quarterly rent bill having been put into administration in November.

The joint venture owns 15 stores, the majority of which were let to Woolworths. The company was placed into administration on Monday, with KPMG taking charge of the restructuring, according to trade magazine, Property Week.