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Triangle enlists Deutsche Bank for Holborn Links deal
Triangle has completed a £212.5m off-market purchase of the Holborn Links Estate, WC1, financed by Deutsche Bank.

The price reflects a capital value of £534 per sq ft. It was bought on behalf of Perez International, which represents a consortium of international investors managed by Triangle Group.

The 3.3-acre estate comprises 42 buildings totalling 320,000 sq ft, including shops and restaurants along Southampton Row and Sicilian Avenue, as well as offices and flats on Southampton Place.

Triangle bought the assets from Eliasz Englander’s Englander Group.
The completion comes more than six months after Triangle exchanged contracts on the deal. It had put down a £4.5m deposit to buy the buildings. This money was later deducted from the purchase price.

Deutsche Bank is understood to have financed the purchase with a loan of between 50% and 60% LTV, equating to between £106.3m and £127.5m.

Triangle and Deutsche Bank declined to comment on the funding.
Since buying the Holborn Links Estate for £118m in 2000 from Hammerson and Standard Life, Englander Group invested heavily in making the portfolio boutique and popular.

Tunc Guven, partner and group chief financial officer at Triangle, said the company is now planning to further invest in the portfolio, including more asset management to increase the value, and changing the use of some of the properties.

Rick Denton, chief executive of Triangle, added:“This strategic acquisition is a consequence of our international clients seeking to grow their presence in London. The Holborn Links portfolio compiles a valuable balance of property assets and includes our second hotel acquisition in the area. Our first being the Lifestyle Hotel L’Oscar, a creation of Jacques Garcia which is currently under development and due to open at the end of 2015.”

Savills advised the buyer; the vendor was not represented.

Teacher Stern creates 2 new partners
With effect from 1 May 2014, Teacher Stern are pleased to announce that 2 long serving solicitors have been promoted to Partners. Eytan Weisz in the Property department and Rajesh Pabla in the Litigation department.

New Tax Partner at Teacher Stern
The Partners are pleased to announce that Sarah Cardew has joined the corporate commercial department as our new tax Partner.

Sarah was head of Corporate Tax at Penningtons Manches which is ranked Tier One by both Chambers and The Legal 500. Sarah was also at BLP for nearly 12 years before she joined Penningtons.

David Salisbury, head of Corporate, notes "Sarah has a wealth of experience and expertise across a broad range of sectors within the corporate and real estate tax sectors and she will be a great addition to the partnership."

New Partner joins Teacher Stern
We are delighted to announce that Dov Katz joins us today as the Head of Capital Markets.

David Salisbury says "Dov joins us from HowardKennedyFSI where he was a partner in their Corporate department and Head of AIM. Having trained at Fladgate, Dov has also worked at Dechert LLP and Rosenblatts and brings a wealth of experience especially in corporate finance. This will greatly enhance our service offering to clients."

New Property Partner
The Partners of Teacher Stern are delighted to announce that from 1 October 2013, Victoria Hodges will be joining the partnership.

David Salisbury notes "Since Victoria first joined us a trainee in September 2005 and following her qualification into the property department, she has become a highly valued and integral member of the firm and we are delighted to make this announcement."

Leonard Ross
We are very sorry to announce that Leonard Ross passed away on Thursday 5 September 2013.

Leonard joined Teacher Stern as a consultant in 2005 following many successful years in his well known practice of Ross and Craig.

Leonard was a delightful person to work with and he will be sorely missed by all the partners and staff of the firm.

Teacher Stern Press Release
Teacher Stern LLP is pleased to announce that it has recently acted for Metroline Limited (a wholly owned subsidiary of ComfortDelGro Corporation), on the exchange of contracts for the acquisition of bus routes operated from five separate bus depots in West London from First Group plc for £57.5 million and is currently working towards to the completion of the transaction.

The team from Teacher Stern LLP, led by partners David Salisbury, Oliver Azurri and Kelly Whitfield, completed an extensive due diligence exercise before advising Metroline Limited on the corporate, commercial, employment, tax and property elements of the acquisition.

The business that will be acquired under the transaction comprises 31 routes utilising 494 buses operating from five West London garages - Alperton, Greenford, Hayes, Uxbridge and Willesden Junction. Completion of the transaction is set for June 2013, following which the newly acquired bus routes will operate under the Metroline brand.

The transaction is subject to regulatory approval and Teacher Stern LLP is working closely with First Group plc’s lawyers to obtain the necessary consents from Transport for London.

Kelly Whitfield said “It is an exciting time for this client, building on their existing presence in the London bus market. The Teacher Stern property, corporate, employment and tax departments all worked very hard on getting to exchange and it was because of this team effort that we managed to exchange contracts within the necessary timeframe and are now focusing on getting the relevant consents and approvals in place, ready for completion. We very much look forward to working with this interesting and exciting client both in the run up to completion and in the very future as it continues its expansion within the UK."

Butcher Burns LLP joins Teacher Stern.
Teacher Stern are delighted to announce that Butcher Burns LLP will be joining us on 1st May 2013. The combined practice will be operating under the Teacher Stern LLP name and will continue to be based at the Bedford Row offices.

Managing partner, David Salisbury, is very excited by the prospect of expanding the breadth and depth of service currently provided to clients. “ We have identified a number of client synergies and common strengths and there is a cross over in a number of practice areas, particularly in property and litigation. With 14 fee earners joining us, we feel the combined firm will be better positioned to respond to our clients’ needs and provide a broader platform of services.”

The excellent reputation of both firms together with strong management and experienced lawyers will support continuous improvement.

Conveyancing Quality Scheme accreditation.
Teacher Stern are pleased to announce that we have been accredited to the Law Society’s Conveyancing Quality Scheme (CQS) which is a new quality scheme for solicitors who deal with buying and selling property. As a member of the CQS, this means we meet the high standards the Law Society sets to ensure that we give clients a professional and quality conveyancing service.

Teacher Stern awarded Lex medals
Lex 100, the student guide to the UK’s premier law firms, have awarded Teacher Stern Lex Medals in two categories, namely Client contact and Job satisfaction.

Comms Dealer, August 2012
Martine Nathan reveals how not to waste money on new branding without undertaking preliminary checks first, and how to reference trade marks correctly.

Download: Comms Dealer

The Privacy and Electronic Communications (EC Directive) (Amendment) Regulations 2011
Martine Nathan provides an update on the recent changes to The Privacy and Electronic Communications (EC Directive) Regulations

Download: The Privacy and Electronic Communications (EC Directive) (Amendment) Regulations 2011

Tenancy Deposit Schemes - May 2012
Laura Bushaway a Solicitor in our Dispute Resolution department provides a summary of the Tenancy Deposit Schemes

Download: Tenancy Deposit Schemes - May 2012

Changes to Employment payment amounts and limits in 2012
James Baker provides an update to the recent changes to Employment payment amounts

Download: Changes to Employment payment amounts and limits in 2012