Private investment firm Consolidated Property Group and LaSalle Investment Management are in talks over a £95m property swap.
Consolidated, led by Stuart Dawson, is selling the fund manager its 60,000 sq ft Exe Bridges retail park in Exeter, Devon.
LIM, on behalf of client Royal Mail Pension Plan, will pay around £35m for the open A1 shopping park.
Exe Bridges is let to tenants including Boots, Next and TK Maxx.
In return, LIM, on behalf of the HSBC Pension Fund, is offloading its 129,000 sq ft Eastgate centre in Bristol (pictured) to Consolidated for around £60m.
The shopping park is let to tenants including Next, Laura Ashley and Boots.
Savills is advising Consolidated; Wilkinson Williams is acting for LIM.
All parties declined to comment.
annabel.dixon@estatesgazette.com
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