Simpson Thacher is advising a joint venture between Blackstone Property Partners and Telereal Trillium in connection with the £777 million debt financing for the acquisition by the joint venture of part of Network Rail’s commercial estate portfolio. Blackstone and Telereal will hold equal ownership stakes in the joint venture.

Network Rail launched the sale of its commercial estate last November. The portfolio is made up of around 5,200 properties, the majority of which are converted railway arches. The sites are being sold on a leasehold basis, with Network Rail retaining access rights for the future operation of the railway.

The Simpson Thacher advising the joint venture team includes Tom Lloyd, Edward Hampson and Pamela Rosindale (Real Estate). A separate team, led by Wheatly MacNamara and Sam Charlton (Real Estate) also acted for Blackstone only on the negotiation of the joint venture with Telereal.