Eversheds and Reed Smith have taken lead roles on property company SEGRO's £245m sale of its IQ Winnersh business park in Reading to a joint venture (JV).

The purchase by asset management firm Oaktree Capital Management and German real estate company Patrizia marks the JV's fourth acquisition in as many months.

This latest deal sees the JV acquire a 1.27 million sq ft park comprising a variety of uses, including office, multi-let industrial and warehouse, data centre and retail.

Eversheds advised SEGRO on the disposal through a team led by Cardiff real estate partner David Emberson alongside London real estate partner Bruce Dear.

Meanwhile, the JV instructed Reed Smith which fielded a London team consisting of real estate partner Graham Reid and private funds partner Oliver s'Jacob.

Emberson (pictured) commented: "This is a significant sale of one of the Southeast's most diverse and well-connected business parks, housing over 55 tenants across an 85 acre space. It is one of the largest property transactions to have completed in the UK this quarter. It has been a pleasure to have advised SEGRO on this deal, which is in line with its strategy to maximise its returns on its portfolio."

The deal comes after Eversheds were last year reappointed to a slimmed-down SEGRO legal panel along with Nabarro on a three-year agreement. SEGRO announced its inaugural three-firm panel back in February 2010, which also included SJ Berwin.