Kenmore invests in serviced office company Avanta
Kenmore Private Equity, part of the Kenmore Property Group, has funded the management buy-out of Avanta, the growing serviced office company led by Chief Executive, David Alberto.
The firm was previously a partnership between David Alberto and private equity firm Hamilton Bradshaw.
Kenmore Private Equity has also provided additional equity that, with bank debt, will enable Avanta to embark on a £100 million expansion programme through buying freeholds, taking on leaseholds and developing its corporate outsourcing model, with a specific emphasis on London and regional UK cities. It is anticipated that Kenmore’s investment will help Avanta reach its business development target of managing one million square feet of serviced office assets by 2008.
Kenmore Private Equity (“KPE”) was established in November 2006 to originate transactions initially in the mid-size sector of the private equity markets with a focus on asset-backed, cash generative transactions. This transaction represents both Kenmore and KPE’s first investment into the serviced office sector and KPE’s second deal, following its investment in Jet Set, a skiwear company, in November 2006.
Previously with Regus and former Managing Director at MWB Business Exchange, David Alberto formed Avanta in 2004. The company has enjoyed rapid expansion in the London serviced office market, and currently operates eight business centres across the capital totalling 280,000 sq ft of office space, employing 70 staff. The mature centres average an occupancy rate of over 90%, and offers a comprehensive range of serviced office services, including a newly launched virtual office package.
Avanta also recently announced a joint venture with Helical Bar’s outsourcing arm, The Asset Factor, to provide a new corporate outsourcing service for landlords. The joint venture has just been appointed by Prudential to take on the leasehold liabilities for an office development in Reading to run as managed business space.
Rob Brook, Managing Director of Kenmore Property Group, commented: “We have long been attracted by the potential of the serviced office market and are delighted to have invested in Avanta alongside its highly experienced management team. We look forward to working closely alongside David Alberto and his team to grow the business throughout the UK and to combining our property investment and management skills to generate maximum capital and income growth.”
David Alberto said: “This investment into the business will help take us to the next level and become a major player in the serviced office solutions market. Over the last two years we have developed a product which clearly meets the requirements of the occupier, and we are now actively in the market to acquire freeholds and take on full liabilities on landlord’s surplus office space to run as an Avanta serviced office.”
For further information please contact:
Avanta Management Services Ltd
1 Hammersmith Grove
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- David Alberto
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- Avanta Management Services Ltd
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