The Ardent Companies UK, the acquisitive subsidiary of US-based The Ardent Companies, has completed its inaugural UK investment, acquiring two national logistics portfolios plus two other off-market assets.
Ardent UK said it planned to establish a geographically balanced logistics portfolio, which it would actively manage, after unveiling the company's launch at the start of March. The firm also intends to invest in BTR and offices, as well as targeting redevelopment and repositioning opportunities in retail real estate.
The logistics assets were acquired from pan-European investor M7 Real Estate for £55.18 mln (€65 mln). M7 will continue as asset management partner for the portfolio.
Richard Benson, managing director at Ardent UK commented: 'We are pleased to complete our first UK acquisition and to begin building a formidable portfolio of assets for the Fund. The multiple locations and scale of the various assets combined gives us initial critical mass for our UK investment platform which we are actively seeking to grow.
'Our structure and backing meant we were able to move quickly to bring these assets together within a single fund, against stringent deadlines, giving Ardent significant geographical, operational and management opportunities. We welcome the continued relationship with M7 as the team have an excellent understanding of the nuances of the local markets.'
The cash deal includes the acquisition of the 353,213 ft2 (32,814 m2) Aggregator portfolio with assets in seven locations across Scotland and England, the 942,323 ft2 Monument portfolio with assets in three locations in Scotland and England, as well as two additional off market deals with M7 for separate assets in Lancaster and Milton Keynes.
The total size of the acquisition is 1.4 million ft2, with tenancies ranging from Amazon and Eddie Stobart to Optiplan Kitchens and the Tempest Brewing Co.
Ardent UK said the acquisition was consistent with the asset strategies and opportunities which Ardent targets in the US, and is backed by Ardent’s new Strategic Fund I.
Scott Werbel, managing director at Ardent said: 'We are delighted with the UK team’s first acquisition. Similar to our asset class diversification strategy in the US, we are continuing to expand our UK platform by pursuing industrial, retail, office and hotel opportunities across the UK and EU.'
