Osborne Clarke has advised new client Invesco Real Estate on its £33m purchase of a retail warehouse in Southampton from Prestbury Group plc.‬

The property is currently let to B&Q and is used as one of the company's B&Q Warehouse outlets. The acquisition is Osborne Clarke's first following the firm's appointment as sole legal adviser on UK real estate transactions for one of Invesco Real Estate's pan-European funds. The B&Q acquisition is the fund's first foray into the UK market.

Andy Clayton, head of real estate at Osborne Clarke's Thames Valley office, said:‬ "This deal is an important acquisition for the fund as enables it to spread the weighting of its assets across Europe. It is also important for Osborne Clarke's real estate team both in terms of the nature of the transaction and acting for such a significant new client."