Downing – a real estate developer with a 35 year track record – is launching a property investment management business alongside Jessica Hardman, the UK chief executive of global investment manager DWS.
The new company, named Aboria Capital, headquartered in London, will leverage Downing’s 35-year development and operational track record, which has seen it deliver more than £3 billion in real estate development across the UK, including 14,500 beds in the PBSA (Purpose Built Student Accommodation) sector.
Hardman’s work will focus on Downing’s £1.6 billion pipeline, which includes 10 new projects planned to start on site at locations across the UK in 2025 and 2026, including a flagship co-living scheme, Square Gardens in Manchester – a £400m project which will comprise more than 2,500 beds on completion.
She comments: “Downing is recognised as a seasoned, high-quality living operating and development business. The UK and European living sector continue to be the most favored sector by international investors especially where managers can offer the benefits of a vertically integrated value chain across both the investment and operational disciplines.”
Bay Downing, executive director of Downing, adds: “We want to take advantage of the current dislocation in the market and the cyclical investment opportunities in front of us, which will produce long term generational value. We feel now is the right time to launch Aboria Capital, bringing together two hugely complementary skill sets in real estate and global investment management. We look forward to sharing more about our plans for this exciting venture in the near future.”