Eastern Europe-focused retail and leisure asset manager Balmain has hired the founder of property consultancy AGL to make a push into the UK.
The company, whose investors include Revcap and whose clients include Tristan Capital and Rockspring, has appointed Mike Biddle as joint managing director of Balmain Asset Management UK. Biddle retired from AGL, a firm he founded 22 years ago, in June.
Will Goddard, retail and leisure consultant at twentyretail, has also this week joined Balmain as associate director.
The new UK division is expected to target the management of assets valued at between £5m and £10m.
Balmain managing director James Turner said: “We have not had the coverage of the UK. We have a business of 60-odd people in Poland and €600m of assets out there, but we do not have the day-to-day contact that someone like Mike does.”
Biddle said there were opportunities in UK property in the wake of the referendum, but uncertainty has made it difficult.
“We are starting out with fresh capital, fresh energy. While we are opportunistically focused, it is certainly not part of our business plan to try to take advantage of a collapsed market,” he said.
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