Avanta, the serviced office company run by David Alberto, is to embark on a £100m expansion with cash from new backer Kenmore Private Equity
Kenmore Property Group’s private equity arm has taken over as Avanta’s partner from private equity firm Hamilton Bradshaw, in its first property transaction since its launch last November.
Kenmore Private Equity would not disclose how much it paid or the new ownership structure of Avanta, but it is believed Kenmore has bought more than 50% of the equity.
Kenmore Private Equity will also provide additional equity that, in addition to bank debt, will enable Avanta to embark on a £100m expansion programme to buy freeholds, take on leaseholds and develop its corporate outsourcing model.
It will continue to focus on London, but will also expand its business to regional cities.
Alberto, who set up Avanta in 2004, said he aimed to manage 1m sq ft (92,900 sq m) by 2008.