Leading serviced office company, Avanta, has announced the launch of a unique joint venture with asset management company, The Asset Factor, at the world’s biggest property conference
[USPRwire, Wed Mar 14 2007] One of the UK’s fastest growing serviced office companies has launched a unique corporate outsourcing joint venture at MIPIM, the world’s premier real estate summit in Cannes, France.
Avanta has teamed up with the property asset management company The Asset Factor to offer a new integrated service to corporate occupiers, which aims to utilise their buildings by taking on leasehold liabilities and managing vacant space as a serviced office, bringing revenue to the occupier.
The partnership is already working with the Prudential, undertaking a review of a number of buildings in its property portfolio, and has taken on the full liabilities of the company’s lease of an office building in Reading, in the Thames Valley.
Avanta’s Chief Executive, David Alberto, and Oliver Jones, Chief Executive of The Asset Factor, used MIPIM, the prestigious annual event attended by around 25,000 property professionals from around the world, as a platform to launch the new business model to
corporate occupiers from across the UK.
In addition to taking away all liabilities for the building, the occupier has the flexibility to use as much space as they require for their own business needs, while the remaining space is managed as a serviced office space.
Avanta recently announced the launch of a £100 million expansion programme following a management buyout by Kenmore Private Equity, part of the Kenmore Property Group. This will enable the company to buy freeholds, take on leaseholds and develop the corporate outsourcing model across the UK.
Oliver Jones, Chief Executive of The Asset Factor said; “Helping major corporates in the UK align their property portfolios with their changing business strategy is exactly why we established The Asset Factor. One of our tools is giving businesses certainty in resolving their leasehold liabilities through the use of our balance sheet and by creating alternative marketing strategies for buildings.”
David Alberto CEO Avanta said; “We were delighted to work with The Asset Factor to extend further our offer to corporate clients such as the Prudential. We are excited by the opportunity of extending our successful business model into the corporate occupancy arena of assisting businesses make better use of their space both in terms of reducing cost and enhancing efficiency of occupancy.”
Notes to editor
Avanta is an emerging name in the serviced office market, with a rapidly growing portfolio of office suites in prime locations across London and the Thames Valley. The company was formed in 2004 by David Alberto, previously with Regus and former Managing Director at MWB Business Exchange. Avanta can offer highly flexible, unbranded office space, with advanced and competitively priced technology, tailor made to meet the requirements of the occupier. The company manages a total of 280,000 sq ft of office space across seven locations, with an average occupancy rate of over 90%.
The Asset Factor
The Asset Factor, a property asset management company, is the 50/50 joint venture between Helical Bar plc and the management team of Oliver Jones, Matthew Punshon and Keith Perry. The Asset Factor is working with a number of potential clients with the aim of combining its access to capital and balance sheet (through Helical Bar) with management expertise to improve efficiency in its client’s property portfolios. The Asset Factor recently announced it was working with the University of Westminster to improve the efficiency of its Regent Street campus.
For further information, please contact:
Avanta Management Services Ltd
1 Hammersmith Grove
Tel: 0203 008 6000