The Bank of Scotland has put a "for sale" sign up on half of its £7bn (e10.6bn) property joint ventures.

The bank, part of HBOS, has backed joint ventures led by such entrepreneurs as Philip Green, who is bidding for UK retailer Marks & Spencer, Rocco Forte, the hotelier, and Nick Leslau, the property entrepreneur. According to a report by Morgan Stanley, sharp falls in investment yields means debt-backed investors can crystallise large profits earlier than expected.