Teacher Stern LLP has advised Stamford Property Investments on the sale, funding and redevelopment of a 10-storey office building into a 14-storey building containing 259 luxury apartments, located in Birmingham’s business district.
Stamford Property Investments used special purpose vehicle Lionel House Developments to purchase and develop the old post-office building and secured forward-funding from The Aberdeen Standard Pan-European Residential Property Fund (ASPER). We understand that the redevelopment marks the fund’s first investment in the United Kingdom.
Demolition is already underway and the development is expected to commence in the second quarter of 2019, following large scale redevelopment of Birmingham’s city centre in recent years. The sale of Lionel House was completed in December 2018.
The Teacher Stern team was led by Eytan Weisz who was supported by Ayse Avola and Neha Solanki, with Robert Tunningley leading on construction matters. ASPER were represented by Hogan Lovells.
Eytan Weisz said of the project: “It has been a great opportunity to work with Stamford Property Developments on this significant deal and with all the parties involved. It has been particularly pleasing that Teacher Stern has been involved throughout the whole process; from the initial acquisition to the sale, funding and the ongoing redevelopment. This will hopefully showcase the firm’s ability to act for our clients throughout the development cycle and we look forward to seeing the successful completion of this scheme.”