A university friendship has helped Travers Smith win a lead role opposite Freshfields Bruckhaus Deringer on the £865m sale of the Scarborough Property Group.

Travers won the mandate to advise the selling shareholders on the transaction after coming to the attention of Scarborough through a relationship between its senior partner, Alasdair Douglas, and Scarborough's head of legal, Cesidio Di Ciacca. The pair were at university together.

The City firm took part in an informal pitch for the work earlier this year. Scarborough has traditionally used Scots firm Shepherd & Wedderburn for its property work, but chose to instruct a London firm for this deal, which is at the upper end of Travers' normal deal size.

Corporate partner Neal Watson led the Travers team, helped by assistant Tony Foster and property partner Julian Bass. Shepherds took a secondary role on the deal, with corporate partner Stephen Gibb advising.

Freshfields advised the acquirer, Australian fund manager Valad Property Group. It is the first major deal Freshfields has handled for Valad, which has previously only instructed the firm on smaller property matters.

Corporate partner Robert Stirling led the Freshfields team, assisted by property partner Annette Byron.

Stirling said: "Valad has not done anything like this in the UK before, so this is a new venture for them."

Scots firm Burness is advising the Bank of Scotland, one of the selling shareholders. Australian firms Mallesons Stephen Jaques and Minter Ellison respectively advised Valad and the sellers on Australian securities law.