Property Alliance Group and London-based asset management partnership Cooke & Powell LLP have created a joint venture called Alliance Property Asset Management to oversee delayed sites.
Manchester-based PAG said the joint venture will focus on strategic asset management of all types of commercial and residential property throughout the UK.
PAG said Alliance Property Asset Management is already working in partnership with a number of banks, funds, special servicers and insolvency practitioners to "optimise value from challenging property assets, businesses and debt instruments totalling in excess of £250m".
David Russell, chief executive of Alliance, said: "The range of expertise and experience the two shareholders bring to the table enables APAM to generate value from all types of challenging situations – from tenanted property, developments and raw land to property released through corporate and debt restructurings – as an independent and objective asset manager. We are dedicated to building long lasting relationships with a small group of targeted clients based upon trust, delivery and alignment of interests – replicating the successful strategy we have pursued over the past 20 years."
Simon Cooke, managing partner of Cooke & Powell, added: "We have been looking for the right merger partner for some time and we are delighted to find in Property Alliance Group an organisation that not only provides us with an on-the-ground presence and resource in the north, but which also shares our ethos and objectives. This is an exciting proposition which means APAM's clients will benefit from the combined capabilities of the two companies- in development and construction and asset and property management – all of which are conducted in-house."
Cooke has 29 years' experience in the UK commercial property market, while William Powell, of Cooke & Powell, has worked in commercial property investment and asset management for 16 years.
Alliance Property Asset Management has offices in London, Manchester and Belfast.
The board of Alliance Property Asset Management will comprise Robin Priest, chairman of Property Alliance Group, David Russell, Simon Cooke and William Powell.
Priest will be executive chairman of Alliance Property Asset Management. Russell will continue to act as chief executive of Property Alliance Group, whilst also working actively as a director of Alliance Property Asset Management.
Property Alliance Group will continue to develop, invest in and manage property for its own account through its existing operating platform and continue to work in partnership with the Moorfield Group in respect of assets in the North West.