Travers Smith has scored a significant new client after advising property giant Derwent London on the £111.8m sale of its one million sq ft Greenwich Reach scheme.

The top 30 UK law firm was instructed on the initial purchase of the site by London Merchant Securities, prior to the company's merger with Derwent Valley Holdings to create Derwent London in February.

Derwent London sold its Greenwich Reach scheme in southeast London to Galliard Homes subsidiary Roamquest. Real estate partner Simon Rutman led the Travers team, which also included tax partner Simon Yates. Howard Kennedy advised Roamquest with a team led by property partner Chris Langan.

Travers will be hoping to secure future work from the client but will face stiff competition from Slaughter and May and Clifford Chance. The two magic circle firms advised on opposite sides of the £1bn merger between Derwent Valley Holdings and London Merchant Securities and Slaughters has since advised the merged entity on its conversion to a real estate investment trust earlier this year.

Derwent London has a combined portfolio worth more than £2.5bn. The majority of the portfolio is based in central London as the group invests mainly in the West End. Greenwich Reach is a former industrial site on the Thames. The scheme has planning consent for 900,000 sq ft of private and affordable housing and 71,000 sq ft of shops and offices. The redevelopment will also involve the construction of a new bridge between the site and the adjacent Millennium Quay.