CLSA, the international platform of CITIC Securities, China’s largest investment bank, is entering the European real estate market through a joint venture with London-based property investor and asset manager Avignon Capital.
The partnership, which marks the first foray into Europe by CLSA’s Asia-based real estate investment business, will see the creation of an expanded European real estate investment management platform with Avignon Capital acting as CLSA’s partner for European commercial real estate investment.
The move will facilitate CLSA’s expansion into Europe, as well as investment flows of Asian capital seeking European real estate opportunities. Avignon Capital will benefit from CLSA’s market position in Asia, established relationships with global institutional investors and strong ties to China.
'The combination of the two institutions provides an effective platform for future institutional investment products,' Avignon said in a statement.
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Also see, Avignon Capital: a boutique real estate firm experiencing 'hyper growth'
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Avignon Capital is a boutique investment firm focused on the UK, Germany, the Netherlands and Spain, with clients including private investors, family offices and institutional funds. It manages €700 mln of assets across 104 properties. The company has recently launched Platinum Property Management, a property management service unit founded in partnership with McCafferty Asset Management.
Avignon Capital's managing partner Patrick Flaton said that the partnership is an important milestone for the group, positioning it for longer-term growth and expansion.
'This is an exciting partnership with an established and respected global financial company. Avignon Capital will benefit from a combined 50 years of experience that CLSA and CITIC Securities bring, along with their access to institutional investors from Asia and the US. The partnership will enable further growth and open new markets for Avignon Capital,' added Flaton.
CLSA CEO Jonathan Slone said: 'In Avignon Capital we have found a dynamic partner with an excellent track record and deep knowledge in the underlining fundamentals of property investment in Europe. Building on our existing CLSA real estate platform, including the successful Fudo Capital series of pan-Asia real estate funds, we look forward to partnering with Avignon Capital to provide our institutional clients greater access to high-quality, unique European real estate investment opportunities.'
Founded in 1986 and headquartered in Hong Kong, CLSA operates from 20 cities across Asia, Australia, Europe and the US.
Image: CLSA CEO Jonathan Slone
