Announcing the launch of Ashen Capital - 12th September 2024
12th September 2024
Senior industry investors Alex Price and Steven Wright are pleased to announce the launch of a new real estate venture, Ashen Capital Ltd (“Ashen”). Ashen has been set up to bring private equity into the property sector, predominately by providing capital and management support to smaller U.K. asset management and/or development companies, a segment that Ashen believes is underserved. It will also seek to fund the purchase of property assets, on a selective basis, where value can be added through active management.
The founders are former colleagues at Fiera Real Estate (UK) (previously Palmer Capital Partners) where they worked together for 15 years as chief executive and head of corporate investments respectively. In that time, they supported the growth of over a dozen UK property development companies, such as Wrenbridge Land and Packaged Living. They invested in over 150 property transactions, both directly and through the investee property development companies. They also raised and deployed over £1.5bn of equity into U.K. property. Alex led the sale of Palmer Capital to Fiera Capital in 2019 and both left the business in 2023, Alex to study a master’s degree at Kings College London and Steven to work at Legal & General Capital.
Ashen has been seeded with a substantial initial investment from the management team as well as backing from a network of High-Net-Worth Investors, who will invest alongside Ashen on selected opportunities. Over the last year Alex has been providing debt financing to SME developers on a range of residential development across the UK, as well as providing management support to various real estate businesses.
Chief Executive of Ashen, Alex Price, commented that “Ashen’s mission is to help grow smaller property businesses by providing three separate strands of support: management expertise; working capital and access to an institutional investor base.” He added “The team will focus on the UK residential sector but will also look at commercial property in London and the South-East. We think market timing is good, especially in London and Southeast of England, given strong rental growth prospects and the store of wealth it provides to international investors”.
Managing Director of Ashen, Steven Wright, added that “UK residential property is the deepest, most liquid and active property sector in the UK, but despite this it remains fragmented with an opportunity to professionalise across various parts of the sector. We have a unique track record, built over 20 years, that makes us an ideal strategic partner for real estate businesses seeking to accelerate growth”.
