US-based real estate investment and asset management firm The Ardent Companies has unveiled plans for a new UK business, led by former senior executives of Battersea Power Station.
The Ardent Companies UK will launch with a $230 mln (€191 mln) strategic acquisition fund - Ardent Strategic Fund I - as well as a $300 mln debt fund.
According to Ardent, the UK business will follow its US parent in being 'opportunity-driven and sector-agnostic by sourcing opportunities across the UK market'. Particular focus will be given to opportunities within established asset classes where Ardent UK can apply value-add initiatives.
Appointed as joint managing directors, Richard Benson and Andrew Hilston until recently held senior roles at Battersea Power Station, where they worked together for six years. They bring in excess of 35 years of combined real estate experience and expertise across legal, origination, deal structuring, development, and planning, Ardent said.
In addition to the direct acquisition of real estate assets through the Ardent Strategic Fund I, Ardent UK will also provide debt to the UK market and is currently raising its fourth debt fund - Ardent Financial Fund IV - with the intention of providing structured and mezzanine level debt to both the US and UK real estate markets.
Operating out of London, Ardent UK is actively seeking opportunities to invest at least 30% of the new strategic fund in projects across all asset classes with immediate scale and value-add opportunities in the UK market.
Benson commented: 'We have the capital and confidence from the US team to hit the ground running with our UK origination strategy, focussing on opportunities to invest in high performing asset classes at a good entry rate, where we can scale up quickly and generate quality returns.'
Hilston added: 'Richard and I have a longstanding professional and successful relationship. We understand the UK market intimately and bring different skillsets to the table, in addition to our combined experience in deal origination, and are looking forward to working with each other and the US team in the months and years ahead.'
