Long run succession plans introduced as Argent and Associated Argent set to turn out to be one firm on 1 Might 2024
On 1 Might 2024, the Argent enterprise greatest recognized for delivering giant scale regeneration throughout the UK, together with King’s Cross in London, Brindleyplace in Birmingham and St Peter’s Sq. in Manchester, will switch its workers, tasks and belongings to Associated Argent Restricted, which has been working in parallel since 2015. Going ahead, the enterprise will function solely underneath the Associated Argent title.
Associated Argent is a UK enterprise arrange by the Argent Companions and Associated Firms. The corporate brings collectively the experience and observe document of Argent with that of Associated – some of the modern and prolific actual property corporations within the US that has delivered Hudson Yards and Deutsche Financial institution Heart in New York, The Sq. in West Palm Seashore, Florida, and the Grand LA in Los Angeles.
Since its inception eight years in the past, Associated Argent has turn out to be one of many UK’s main developer-owner-operators and has quickly grown a £9Bn+, 12m sq ft mixed-use growth pipeline. This contains main regeneration tasks in London, at Brent Cross City and Tottenham Hale, in addition to a Construct-to-Lease (BtR) scheme at King’s Cross, generally known as ‘Creator King’s Cross’.
Alongside the deliberate switch to Associated Argent, the enterprise can be saying management adjustments and a long-term succession plan.
Robert Evans who has been with Argent for 23 years has determined to go away the enterprise at or across the switch to Associated Argent in Might 2024. Robert has stepped down because the Joint Managing Companion of Argent and can stay as a Companion till his departure. He may also stay because the CEO of King’s Cross till he leaves the enterprise. Nick Searl will proceed because the Managing Companion of Argent till the enterprise switch.
Tom Goodall, Companion and Head of Residential for Associated Argent, will turn out to be the Managing Director of Associated Argent Restricted with speedy impact and can lead the mixed enterprise from 1 Might 2024. Present Companions Nick Searl, André Gibbs, Morwenna Corridor and Mike Lightbound will all turn out to be Govt Administrators, and David Partridge will proceed because the Associated Argent Chair. The management crew will proceed to work carefully with Ken Wong, Co-Founding father of Associated Argent and COO of Associated Firms. The consolidated enterprise can have roughly 200 gifted workers working throughout its tasks.
Associated Argent has constructed an enviable pipeline and invested near £1Bn of capital throughout its tasks. It has leveraged its status for delivering sustainable, mixed-use developments to draw capital funding and main undertaking companions to make vital, substantial and constant progress throughout difficult financial occasions.
Associated Argent’s first UK BtR undertaking, Creator King’s Cross, is about to open in late Summer time 2023. This would be the first in a rising portfolio of BtR belongings that capitalises on Associated’s intensive US rental expertise.
Main momentum additionally continues on the Brent Cross City growth which is being delivered alongside the master-developer three way partnership partnership with Barnet Council, with 5 buildings underway together with inexpensive, market sale and BtR properties in addition to pupil properties in partnership with Fusion. The primary three residential buildings have additionally been accomplished at Tottenham Hale.
Over the previous yr, the enterprise secured vital inward funding from The Olayan Group for its King’s Cross BtR growth. It additionally achieved one of many largest capital raises of the yr in This autumn 2022 with Invesco, appearing on behalf of a US separate account shopper, to deliver ahead £600m of gross growth worth together with new properties and retail at Brent Cross City.
Tom Goodall, Managing Director of Associated Argent mentioned: “It’s an honour to be provided the chance to steer the Associated Argent Restricted enterprise and I stay up for working with my 200 gifted colleagues who’re delivering among the greatest tasks within the UK. Our present pipeline is simply the beginning of the Associated Argent journey as we aspire to develop the enterprise with new tasks each inside and out of doors of London. Along with Nick Searl and my different Companions, over the approaching yr we will probably be targeted on getting ready ourselves to turn out to be one firm in Might 2024.”
Nick Searl, Managing Companion, Argent and Companion of Associated Argent mentioned: ”I firstly wish to congratulate Tom Goodall on his new function as Managing Director of Associated Argent Restricted. Our future is in good arms, and I will probably be working with Tom and my different colleagues to take ahead Associated Argent as the subsequent evolution of this nice enterprise. I additionally wish to thank Robert Evans for every part he has completed over the previous three years working carefully with me as Joint Managing Companion. He has been instrumental to the success of our enterprise and our tasks over a few years.”
Ken Wong, Co-Founding father of Associated Argent and COO of Associated Firms mentioned: “Once we established Associated Argent, combining the perfect of Argent and Associated, it was our shared goal that this new firm can be the way forward for the enterprise. Associated Argent brings a compelling and unmatched provide to the UK market. We consider that pronouncing these succession plans effectively forward of their implementation creates the best platform for the longer term management to succeed, and for the enterprise to flourish. I wish to congratulate Tom Goodall on his new place as Managing Director of Associated Argent Restricted and thank Robert Evans and Nick Searl and the Companions for his or her management.”
David Partridge, Chair of Associated Argent mentioned: “For greater than 40 years, our firm has regularly developed to fulfill shifting enterprise, investor and shopper wants. Associated Argent Restricted is a pure subsequent step on this course of and I stay up for working with the management crew to ship the regeneration tasks and providers our UK cities want and demand.”