International law firm Gowling WLG has acted for Blackstone Property Partners and Telereal Trillium on the £1.46 billion acquisition of Network Rail's commercial estate portfolio.

The firm partnered with Kirkland & Ellis to advise investment firm Blackstone and commercial property management company Telereal Trillium on the deal, which involved a portfolio of 5,200 properties across England and Wales including hotels, offices and restaurants.

Telereal Trillium and Blackstone will hold equal ownership stakes and intend to be long-term owners of the estate. Both parties have adopted a 'tenants first' approach, cemented in a tenants' charter, which offers a commitment to engage with all tenants and communities in an open and honest manner.

The Gowling WLG transaction team was led by real estate partners Michael Twining and John Burns. A multi-discipline team worked on the deal, including head of rail Giles Clifford, construction partners Richard Green and Mark Stephenson, insurance partner Samantha Holland and pensions partners Paul Feathers and Paul Carberry.

John Burns said: "It is a privilege to be part of the Blackstone and Telereal Trillium team on this landmark transaction. Our work here again demonstrates the firm's top tier real estate status and our seamless ability to deliver high profile, complex portfolio transactions in partnership with international law firms like Kirkland & Ellis. This transaction was a truly cross-firm effort, drawing on our market-leading real estate and rail expertise and vital support from our construction, insurance and pensions teams."

The Gowling WLG team was further supported by Martin Thomas, Clive Chalkley, Paul Lloyd, Rachel Kerr, Heather Manning, Anna Colley, Jack Jacovou, Ben Brazel, Para Vegad, Rory Chatterton, Jessica Watterson, Nisha Minhas, Rezwana Chowdhury and Elizabeth Wright from the firm's real estate practice.