Argent and Related Companies announce formation of new joint venture company
Argent Related will capitalise on experience and expertise of one of the UK’s most highly-respected developers and best-in-class U.S. Real Estate Firms to undertake UK development projects
Argent, one of the UK’s most prominent and well-respected developers, and Related Companies, one of the United States’ most prolific, best-in-class real estate and investment firms, today announces the formation of Argent Related. Capitalising on both firms’ expertise and track record of significant urban placemaking, the new joint venture company will pursue the development of projects of scale in London and the UK which involve the creation of lasting, liveable places. Argent Related is the joint venture company through which Argent and Related will exclusively pursue all future projects in the UK.
David Partridge, Managing Partner, Argent, and Joint CEO of Argent Related said, “Argent and Related share a common approach and passion for mixed-use development which is focused around creating new and distinctive places for people. We both have experience in taking on challenging property developments of a significant scale, and believe our shared dedication to long-term involvement, quality of product and thoughtful planning lend themselves to a successful partnership: one which can significantly benefit UK cities. Additionally, Related’s industry leadership in such areas as sustainability and construction supply chain, and expertise in developing and operating their portfolio of more than 50,000 build-to-rent homes in the US, will enable us jointly to deliver a significant contribution towards the homes London and the UK desperately needs. Together we will be able to complete projects with the scale and impact to make a real difference, and keep Argent at the forefront of the UK property sector.”
Kenneth P. Wong, Chief Operating Officer and Director of International Development, Related and Joint CEO of Argent Related said, “Related has been focused on the London market for several years and we are thrilled to partner with the UK’s leading regeneration developer to jointly pursue new opportunities there. Argent has been delivering brilliant commercial, residential, education, cultural and community developments in the UK for over 30 years. Their experience of working on city-scale, mixed-use developments makes Argent the perfect partner for Related. We recognize that real estate is a local business, and through Argent Related we look forward to applying the extraordinary capabilities of both companies to the UK, starting in greater London.”
The joint venture partners share complementary values and skill sets: Argent has 30 years of experience in city-centre regeneration at Brindleyplace (Birmingham), Piccadilly Place (Manchester) and King’s Cross (London). Related has over 40 years of experience delivering residential, hotel, office and large-scale, mixed-use schemes in both the U.S. and Middle East including Time Warner Center in New York City, CityPlace in West Palm Beach and significant developments on Al Maryah Island in Abu Dhabi. Related is currently developing the largest private development project in the United States: Hudson Yards, on Manhattan’s west side.
Argent Related will develop open-market and affordable housing, offices, retail and leisure space, and hotels, with a commitment to sustainable and sensitive development. The joint venture company will target schemes which include the delivery of high-quality, intelligently designed, mixed-use and residential developments. Drawing on Related’s extensive experience in build-to-rent developments and strong management capability in the United States, the venture will place a distinct focus on purpose-built rented homes, where the company sees great opportunity in the market. Argent Related is also committed to providing workspaces for the next generation of businesses and office users, all located near significant new transport hubs and offering environments which work as real places for communities.
Related brings a strong balance sheet and vast expertise in sourcing capital. Custom financial arrangements will be conceived for each Argent Related development, including potential partnerships with global capital providers.
Pre-existing development arrangements and investments on both sides, including Argent’s on-going role in building out King’s Cross, and managing the development of Paradise Circus in Birmingham and Airport City in Manchester, will be unaffected by the new joint venture.
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