Former leaders at Apo Group and Berkeley Group have launched Alchemy RE, an operating partner to real estate investors looking to grow their presence in the UK living sector.
The firm has been launched by Matthew Pullen, former chief executive of Apo Group, and Nic Simpkin, former chief financial officer of Berkeley Group.
The company is being seeded with the £1bn development pipeline of Astir Living, the London-based developer founded by Simpkin in 2018. Its first project will be an 850-bed student accommodation scheme at Brent Cross, followed by a mix of other living sector assets, with a particular focus on co-living.
Aside from working with Astir to bring forward its pipeline, Alchemy RE will work with other developers, owners and investors to support their acquisition, design, development and operation of assets.
Its team will focus on optimising performance at every stage, maximising value and making deals work. In addition, the company will monetise amenity spaces, building on its first co-working space in West Hampstead, which it operates under the Apex brand.
Pullen said: “The living sector still has huge untapped potential for institutional investors beyond multi-family housing, which I have focused on for more than 10 years now. Alchemy RE will work across co-living, student, multi-family, senior living and single-family housing, with the flexibility to combine and switch between them, enabling us to add real value that others miss.
“Our operating approach is distinctly different from the majority of the sector – using proptech to enable us to drive revenue while reducing operating cost and risk, which, when combined, can make a material difference to value. Alchemy RE will work with clients as a partner, sharing the risk and reward of delivering market-leading performance.”
Photos: Left to right – Matthew Pullen and Nic Simpkin © Alchemy RE
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