London – MEPC, the wholly owned development and asset management subsidiary of the international business of Federated Hermes, announces that Argent’s eight-strong team working on the £700 million Paradise, Birmingham scheme will be joining the company.
The team officially joined MEPC on 1 July 2021 and the operations will remain the same – to continue to focus on delivering the second and third phases of the world-class regeneration of Paradise, Birmingham. The team will continue to be led by Rob Groves based in Birmingham and work closely with Birmingham City Council, which is a joint venture partner with BTPS and CPPIB, on the project.
The new structure combines the investment, development and asset management expertise into one business to build on the relationships, experience and skills of the Birmingham team. This will support and enhance the ongoing delivery of Paradise, but also broaden the scope to respond to other significant opportunities within the region. The transition to MEPC comes at the appropriate time for the project following the successful completion of phase one by the development manager, Argent which delivered One and Two Chamberlain Square with major occupiers including Price Waterhouse Cooper and new retailers and dining to Birmingham such as Dishoom, Rosa’s and Vinoteca, as well as a new public square for the city.
At almost 2 million square feet, Paradise will deliver up to ten new flagship buildings, offering offices, shops, bars, cafés, restaurants, a high-quality hotel and a 49-storey residential tower across 17 acres in the heart of the city.
The Paradise redevelopment is being brought forward through Paradise Circus Limited Partnership (PCLP), a private-public joint venture with Birmingham City Council. The private sector funding is being managed by the international business of Federated Hermes, which has partnered with Canada Pension Plan Investment Board (CPP Investments) on the first phase of the development.
With projects in Birmingham, Bristol, Leeds and Manchester, MEPC’s portfolio now includes four of the finest sustainable urban regeneration placemaking schemes in English cities.
Chris Taylor, Chairman of MEPC and CEO of Real Estate at the international business of Federated Hermes, said: “For the citizens of Birmingham, Paradise is one of the most important developments in a generation and Federated Hermes’ is committed to its full delivery for all stakeholders, including shareholders and joint venture partners. Rob and his team bring a raft of experience to MEPC and Federated Hermes, as we look to further develop our regional regeneration projects across the UK. We look forward to welcoming them to the team and continue their excellent work on Paradise Birmingham. We would like to thank Argent for its outstanding expertise and guidance on the first phase of this flagship project.”
Rob Groves, Regional Development Director at MEPC, the developer-managers of Paradise, added: “Both MEPC and Federated Hermes are two businesses which share our values. Our priority from the start of this project was to place social considerations and placemaking at the heart of all decision making. This is an area in which the two companies are recognised industry leaders and we look forward to becoming part of the team. Our focus will remain the same, to deliver the next phases of this landmark development for the city of Birmingham in the coming years.”
Robert Evans, Joint Managing Partner of Argent said, “We are very proud of what the Argent team have achieved in leading this transformational project for Birmingham. Argent and Federated Hermes have worked successfully together for more than two decades and we have a long history of delivering great projects in Birmingham. We know that the team will continue to flourish and wish them every success as part of MEPC. This transition follows the completion of phase one of the Paradise development and is also timed with our business strategy to focus on King’s Cross, Brent Cross and Tottenham Hale and projects where Argent Related is the developer-owner-operator.”
For further information, please contact:
Rob Yates, Edelman Smithfield
+44 (0)20 3047 2546
With a track record spanning 75 years, MEPC is now a wholly owned subsidiary of Federated Hermes and has team of people-focused property professionals, creating destinations where communities can flourish. The focus on positive social impact and strong ESG outcomes has ensured that both investors and society benefit from its place-making skills.
The team are specialists in all aspects of the real estate process from site acquisition, through strategic marketing, planning, development, and asset management and consistently deliver outstanding returns.
The current portfolio is home to over 400 organisations and about 20,000 people, extending to 4m sq ft of high-quality buildings, with scope for additional long term development capacity of over 3m sq ft located across the country.
Federated Hermes, Inc. is a leading global investment manager with $625.0 billion in assets under management as of March 31, 2021. Guided by our conviction that responsible investing is the best way to create wealth over the long term, our investment solutions span equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies. Providing world-class active investment management and engagement services to more than 11,000 institutions and intermediaries, our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes’ nearly 2,000 employees include those in London, New York, Boston and offices worldwide. For more information, visit FederatedHermes.com.
Since 1981, the Argent team has delivered some of the best mixed-use developments in the UK: major commercial, residential, education, cultural and community developments in the country’s largest cities.
It is involved in the full development process – from identifying and assembling sites, developing designs and obtaining planning permission through to financing, project management of the construction process, letting, asset management and (sometimes) selling. It also manages and maintains buildings and estate. Argent has a team of 180 people.
In 2015, Argent, the respected developer with a track record in creating exemplar new pieces of UK cities including King’s Cross, joined forces with Related, the most prominent privately-owned real estate firm in the United States with over $60 billion in assets owned or under development including Hudson Yards on Manhattan’s West Side, as well as The Grand and Related Santa Clara in California.
The company has a £8bn development pipeline in London which includes the delivery of two major regeneration schemes featuring over 7,900 homes, over 3 million sq ft of office space, 50 acres of parks and playfields, as well as retail, leisure, student accommodation and schools, both highly accessible from new and improved public transport connections. It is currently working in a joint venture with Barnet Council on London’s 180-acre Brent Cross Town, with the London Borough of Haringey for the Tottenham Hale redevelopment and a build-to-rent development at the Triangle Site, York Way, King’s Cross.