Latest act in Equitable tragedy

LIKE Macbeth, it was a tragic tale of greed and treachery. Foul deeds became fair, and fair deeds became foul. Now the sorry saga of Equitable Life has led to one of London's most prestigious sites being put on the market.

Up for sale is the crippled life insurer's Royal Opera House retail portfolio including four long leaseholds that flank the theatre where Verdi's Macbeth is playing. If the sale goes ahead, it will give Equitable a much-needed £75m boost. The company's assets, now managed by Clerical Medical, include property worth an estimated £5bn. It is raising cash by selling chunks of its estate. About £200m has been raised so far.

Scottish Widows Investment Partnership is the front runner to buy, according to trade publication Estates Gazette. The portfolio, made up of 16 shops, fronts Covent Garden market and is let to tenants such as Nicole Fahri, Disney and Boots.

It is thought that Scottish Widows intends to add the 34,000 sq ft block to its £250m Covent Garden Market Partnership, which was set up when it bought the market hall and piazza two years ago.