Eversheds and Clifford Chance (CC) have won leading roles advising on a £250m joint venture between property investment company NewRiver and Morgan Stanley Real Estate Investing (MSREI) to invest in UK retail property.

The Guernsey-registered joint venture, which will be known as NewRiver Retail Investments, has an acquisition capacity of more than £250m including leverage and has already made its first portfolio acquisition.

The portfolio consists of nine large retail assets totalling more than 400,000 sq ft and was acquired from UBS Triton Property Fund for £49m. The joint venture committed equity for the acquisition, with the senior debt facility provided by Santander Corporate Banking.

Eversheds corporate partner Aleen Gulvanessian led the team advising NewRiver on the joint venture, assisted by corporate associate Simon Wood. Real estate investment partner Stephen Felstead advised on the portfolio acquisition. Eversheds initially advised NewRiver on its £25m initial public offering last September. CC property partner Iain Morpeth advised MSREI on the joint venture.

Meanwhile, Berwin Leighton Paisner took a role advising UBS Triton on the acquisition, with Taylor Wessing advising Santander Corporate Banking on the financing.

Gulvanessian said: "The joint venture and acquisition are a great opportunity for our client in fulfilling its stated strategy since we floated it last year."