Berwin Leighton Paisner (BLP) has advised Tesco on a £733m property exchange deal with developer British Land that will give the supermarket giant sole ownership of 21 of its stores.

King & Wood Mallesons (KWM) advised British Land on the deal.

Under the deal Tesco acquired British Land's 50% stake in the portfolio of stores in exchange for its stake in three shopping centres, three retail parks and three other standalone stores, which were held by several joint ventures between the two companies.

As part of the deal, British Land will also pay Tesco an additional £96m to compensate for the difference in value between the portfolios.

BLP's team advising Tesco was led by finance partner Emma Howdle-Fuller, and involved a team of lawyers including partner Sunita Chawla and associate director Clive Pearce in real estate, senior associate Kieran Saunders in corporate, and partner John Overs in tax.

Howdle-Fuller said: "Having advised Tesco when these joint venture structures were originally established, we were delighted to act for Tesco in relation to these three inter-related equity sales, as we continue to assist Tesco with its ongoing business strategy."

KWM advised British Land with a team including corporate partner Delphine Currie and real estate partner Michael Scott.

BLP ousted Ashurst as the supermarket's go-to real estate adviser last year following a review of Tesco's legal strategy.

British Land declined to comment on which law firms it had instructed.

However, legacy SJ Berwin has been a key adviser to British Land in the past. In 2013, the firm advised on two major deals: the £472m sale of London's Ropemaker Place and the £177.5m acquisition a portfolio of London properties from Dutch property investment company Wereldhave.