LONDON—Argent, one of the UK's most prominent developers, and Related Companies, one of the United States' most prolific real estate and investment firms, have formed Argent Related.
To capitalize on both firms' expertise and track record of urban development, the new joint venture will pursue the development of projects of scale in London and the UK which involve the creation of lasting, livable places. Argent Related will be the joint venture company through which Argent and Related will exclusively pursue all future projects in the UK.
“Argent and Related share a common approach and passion for mixed-use development which is focused around creating new and distinctive places for people,” said David Partridge, managing partner, Argent, and joint CEO of Argent Related. “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 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, headquartered in New York, has more than 40 years of experience delivering residential, hotel, office and large-scale, mixed-use schemes in both the US 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 plans to 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 rental 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.
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.
Related is staunchly committed to sustainable design with more than $10 billion in green development underway or completed.
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