The Ardent Companies Completes $76+ Million UK Acquisition
The Ardent Companies, the US-based real estate investment and asset management firm, has completed its inaugural UK investment to acquire two national logistics portfolios plus two other off-market assets, revealing its plan to establish a geographically balanced logistics portfolio.
The deal was completed from the pan-European investor and asset manager M7 Real Estate for approximately $76 million (£55.18 million) and M7 will continue as asset management partners for the portfolio. The cash deal includes the acquisition of more than 1.4 million square feet across Scotland and England.
With the significant geographic spread of the assets, this investment marks a major first step for Ardent as it plans to build a real estate investment platform of high-performing assets in strategic locations across the UK with the long-term strategy of doubling the size of the portfolio and actively managing it to enhance performance.
The acquisition is consistent with the asset strategies and opportunities which Ardent targets in the US and is backed by Ardent’s new Strategic Fund I. In addition to seeking to grow the Industrial Portfolio, Ardent UK is also actively exploring opportunities in the BTR and office sectors as well as repositioning and redevelopment opportunities in the retail sector.
In accordance with Ardent’s structure of maximizing alignment of interests with its partners, it has maintained M7 as asset manager, combining Ardent’s extensive and diverse understanding of real estate, corporate finance, and capital markets with M7’s knowledge and experience within the logistics and industrial markets to continue to drive the value of 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.”
Scott Werbel, Managing Director at Ardent commented – “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 (Sheds), retail, office and hotel opportunities across the UK and EU.”