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Acting on the biggest railway investment programme since the 1800s

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    Eversheds Sutherland advises Network Rail on landmark £1.46bn sale of its commercial estate

    Eversheds Sutherland acted for Network Rail in the sale of its “Commercial Estate” portfolio, which comprised of around 5,200 properties, to Telereal Trillium and Blackstone Property Partners.

    Proceeds from the £1.46 billion transaction will help fund the railway’s upgrade plan, bringing major improvements for passengers and reducing the need for taxpayers to fund the railway. The sites are being sold on a long leasehold basis, with Network Rail retaining access rights and other rights so as to secure the future operation of the railway.

    Telereal Trillium and Blackstone will hold equal ownership stakes and intend to be long-term owners of the estate. Both companies have long and successful track records of operating large commercial estates across the UK. Telereal Trillium will oversee the day-to-day property management of the portfolio.

    The Eversheds Sutherland team was led by Head of Real Estate Investment Nick Bartlett working alongside partners Steve Manson, Lynde Marshal, Andrew Burns and James Roberts.

    Nick Bartlett commented:

    "Network Rail’s property portfolio has been an integrated part of the railway since the 1800s. We are thrilled to have advised on this transaction over the last two and a half years, it represents one of the greatest intellectual and logistical legal challenges we've ever faced. We have thoroughly enjoyed working alongside the Network Rail team.”

    Eversheds Sutherland worked in tandem with Clifford Chance. Blackstone and Telereal Trillium was advised by Kirkland & Ellis and Gowling.

    For more information on Eversheds Sutherland, visit

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