Nabarro has advised the BP Pension Fund on a £198m asset swap with M&G Real Estate. As part of the deal M&G Real Estate acquired Riverside Retail Park in Northampton and Wycombe Retail Park, valued at £123m, on behalf of the £2.21bn M&G Property Portfolio aimed at private investors in UK commercial property.

In return, the BP Pension fund received M&G's interests in a Tesco Extra in Dover and a Debenhams store in Taunton, valued at £75m plus a balancing cash payment of £48m net of costs.

The Nabarro team led by Real Estate partner Martin Grabiner included Construction partner Penny Moore and tax partner Kirsten Prichard Jones.

Commenting on the deal, Martin Grabiner, partner at Nabarro said:

"Retail continues to be a valuable asset class yielding secure returns for commercial property investment funds and is a sector of the UK market that complements Nabarro's expertise in prime City real estate. This transaction was turned around very quickly with both sides and their advisers working closely together to ensure a mutually beneficial outcome."