Nabarro advises BP Pension Fund on acquisitions

22 December 2008

A year on from winning BP Pension Fund's real estate legal work, law firm Nabarro has advised on the acquisition of £330 million worth of direct investment property and £346 million worth of indirect investment property.

The direct investment comprises a broad mix of industrial and distribution estates, retail parks, individual retail units and an office block, including a £27.75 million sale and lease back of a large Sainsbury's store in Walsall, the purchase of a new shopping park in Bristol for £53 million, and four separate industrial estate purchases of over £30 million.

The indirect investment included two joint ventures. The first was with GPE relating to a development property at Blackfriars Road, London with a value of £20.5 million. The other was with Tesco relating to a Bristol district shopping centre, valued at £44 million. Nabarro's indirect investment team is headed by partner Justin Cornelius.

Client partner, Martin Grabiner, commented:

“It was a significant client win for the firm and stands out especially given the high activity rates in an otherwise hesitant field. We worked to deliver high quality business friendly legal advice to the client over the last year and look forward to working with them closely over the next year.”

Tim Hayne, head of property at BP Pension Fund said that the first year of instruction had been full of positives, and that a strong relationship had developed between the fund and the Nabarro team. He noted in particular that he had never seen so many deals exchanged and completed within the timetable set out in the heads of terms.

If you would like any further information or have any queries please contact:

Charlotte Tandy
Lansons Communications
+44 (0)20 7566 9706
charlottet@lansons.com