Clifford Chance (CC) has landed a role advising Network Rail on the sale of its UK commercial property portfolio as it looks raise funds to invest in its railways.

The magic circle firm will work in tandem with Eversheds Sutherland, which has been advising on the sale, dubbed 'Project Condor', for more than 12 months.

The two firms are jointly advising on the sale of the portfolio, which includes more than 5,000 properties primarily based in London and is expected to raise more than £1bn. The sale officially began on 17 November.

CC, which was instructed by Network Rail six weeks ago, is fielding a team led by City real estate partners Angela Kearns, Adrian Levy – who also co-heads the firm's real estate sector group – and Franc Pena, as well as the head of its global real estate practice, Jonathan Solomon.

Eversheds Sutherland has been fielding a team led by London-based head of real estate investments Nick Bartlett alongside City real estate partner Lynde Marshall and consultant Stephen Manson, who is also head of the firm's UK developers and regeneration group.

The firm also recently advised Network Rail on the transfer of Carillion contracts to Amey Rail, a deal that saved hundreds of jobs following the construction company's collapse.

So far, several companies have emerged as contenders to take over Network Rail's property business, including a consortium led by investment bank Goldman Sachs and commercial property management company Telereal Trillium.

City partners close to the deal said Network Rail was currently considering a second round of pitches and that there was expected to be a third round. The bidding process has taken more than three months so far.

One partner said: "It is very competitive. We do not know when we will hear back about our pitch. There will then be a third round and I expect that will take at least six weeks."

The news comes amid the ongoing review of Network Rail's £70m legal panel, which began earlier this year. Firms are set to be appointed for five-year terms beginning next April,  with the panel covering all of Network Rail's external legal work including construction, dispute resolution and property.

The roster was last reviewed in 2013, when Eversheds, Addleshaw Goddard, Dentons, Bond Dickinson and Maclay Murray & Spens were all appointed.