09:30, April 19 533 0

2017-04-19 09:30:07
BLP retains real estate adviser mandate for Tesco

Tesco has renewed its real estate mandate with Berwin Leighton Paisner (BLP) for another three years.

The mandate was first won by BLP in 2014 when the supermarket dropped Ashurst from the panel.

The re-appointment will see BLP handle real estate work until 2020.

The relationship is primarily handled by BLP managing partner Lisa Mayhew, who took on the firm’s top job in 2015.

Tesco is one of BLP’s biggest clients, with much of the work expected to be handled out of the firm’s low-cost Manchester base.

One source claimed, however, there may not been sufficient fee-earner headcount in the city to handle work.

“There is only effectively three real estate associates to do the work, which is nowhere sufficient,” they claimed.

“The contract has been renewed with BLP at a heavily discounted price.”

While BLP will continue to handle real estate work, Freshfields Bruckhaus Deringer continues to act for Tesco on both corporate, investigatory and litigation matters.

The firm recently advised the retailer, alongside Kingsley Napley, on Tesco’s deferred prosecution agreement with the Serious Fraud Office (SFO).

It also led on Tesco’s £3.7bn merger with Booker Group.

BLP declined to comment.