London-based Argent and US firm Related Companies have agreed to created a joint venture targeting UK developments.

The two companies said the Argent Related partnership would invest in 鈥減rojects of scale鈥� in the UK, with London first-stop.

Open-market and affordable housing, offices, retail and leisure space and hotels will be targeted.

The two companies said the partnership would have a preference for schemes with 鈥渉igh-quality, intelligently designed mixed-use and residential developments鈥�.

The new venture will focus on purpose-built rented homes, where the companies said they saw 鈥済reat opportunity in the market鈥�.

As reported , the UK鈥檚 (PRS) is still some way from becoming an established, standalone sector.

Related has previously invested in build-to-rent developments in the US, while Argent, which Hermes bought in 1997, is currently working on the mixed-use .

It has also developed Brindleyplace in Birmingham and Manchester鈥檚 Piccadilly.

The partnership will look to provide workspaces for businesses and office users near significant new transport hubs.

David Partridge, managing partner at Argent, will take on the role of joint chief executive of Argent Related.

He said: 鈥淎rgent and Related share a common approach and passion for mixed-use development focused around creating new and distinctive places for people.鈥�

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