London-based Argent and US firm Related Companies have agreed to created a joint venture targeting UK developments.
The two companies said the Argent Related partnership would invest in “projects of scale” in the UK, with London first-stop.
Open-market and affordable housing, offices, retail and leisure space and hotels will be targeted.
The two companies said the partnership would have a preference for schemes with “high-quality, intelligently designed mixed-use and residential developments”.
The new venture will focus on purpose-built rented homes, where the companies said they saw “great opportunity in the market”.
As reported last month, the UK’s private rented sector (PRS) is still some way from becoming an established, standalone sector.
Related has previously invested in build-to-rent developments in the US, while Argent, which Hermes bought in 1997, is currently working on the mixed-use King’s Cross development.
It has also developed Brindleyplace in Birmingham and Manchester’s Piccadilly.
The partnership will look to provide workspaces for businesses and office users near significant new transport hubs.
David Partridge, managing partner at Argent, will take on the role of joint chief executive of Argent Related.
He said: “Argent and Related share a common approach and passion for mixed-use development focused around creating new and distinctive places for people.”
