Avanton acquires fourth site through JV with ICG-Longbow.
Portfolio grows for new property player with four-acre Richmond site gained from British Land.
Today, Tuesday 20th March, Avanton announces the acquisition of a four-acre site in Richmond, to be developed in a joint venture with ICG-Longbow. The site has the potential to deliver a significant mixed-use, residential-led scheme and will be the fourth site for Avanton’s fast-growing portfolio.
Avanton launched earlier this year with prime sites in Old Kent Road and Battersea. The portfolio includes a new, global headquarters for the Royal Academy of Dance at Avanton:Battersea on York Road, and the redevelopment of the former Dance Academy site into 35 apartments and five townhouses. The acquisition of York Road was financed by ICG-Longbow. The Old Kent Road site has the potential to deliver approximately 1,100 homes as part of a mixed-use scheme on the 3.5 acre site at Ruby Triangle. Including Richmond, Avanton has the potential to deliver approximately 2,000 new high-quality private and affordable homes across London.
The site was acquired from British Land. Avanton and ICG-Longbow have worked in partnership to support the financing of the land deal.
“Richmond is a fantastic borough in which to grow our portfolio. Avanton is a company that listens to market demand, and with this latest addition we will be continuing with our commitment to delivering a high-quality mix of private and affordable homes to meet London’s needs.”Omer Weinberger, Managing Partner, Avanton.
Adam Hayner, Managing Director at ICG-Longbow, added:
“We are pleased to continue to grow our existing relationship with Avanton. Richmond will be an exciting project with the potential to develop skilfully designed housing in a borough with a strong domestic demand base.”
This announcement follows recent news of start of construction on site at Avanton:Battersea, that, in addition to the new headquarters for the Royal Academy of Dance, will create 299 new homes, including 50 affordable homes delivered in partnership with A2 Dominion, and landscaped communal spaces.
David Hanrahan of Colliers International has advised Avanton on the acquisition. Avanton look forward to working with the London Borough of Richmond to bring this project forward for development.
ICG-Longbow is the trading name of Intermediate Capital Group PLC’s (“ICG”) real estate business, and is authorised and regulated by the FCA. ICG-Longbow is an active lender across all real estate in the U.K. with over £3.3bn in assets under management. ICG has €27.4bn of assets under management globally (as at 31 December, 2017); are listed on the London Stock Exchange (ticker symbol: ICP), and regulated in the UK by the Financial Conduct Authority (FCA). Intermediate Capital Group, Inc. is a wholly-owned subsidiary of ICG and is registered as an investment adviser under the U.S. Investment Advisers Act of 1940.
For more information on ICG-Longbow please contact:
ICG-Longbow, Olivia Montgomery: +44 20 3201 7508
Maitland, Seda Ambartsumian: +44 20 7379 5151