Ex-Fiera executives launch new firm

Two former Fiera Real Estate executives have teamed up to launch a new firm focused on bringing private equity into UK residential real estate. Alex Price, Fiera Real Estate’s former chief executive, and Steven Wright, its ex-head of corporate investments, said Ashen Capital will provide capital and management support to smaller asset management and development companies. It will also fund the purchase of property assets where the team thinks value can be added through active management. During their years together at Fiera Real Estate and its former guise as Palmer Capital Partners, the pair invested in more than 150 property transactions and raised and deployed more than £1.5bn of equity. Chief executive Price said: “The team will focus on the UK residential sector but will also look at commercial property in London and the South East. We think market timing is good, especially in London and South East of England, given strong rental growth prospects and the store of wealth it provides to international investors”. Managing director Wright added: “UK residential property is the deepest, most liquid and active property sector in the UK, but despite this it remains fragmented with an opportunity to professionalise across various parts of the sector. We have a unique track record, built over 20 years, that makes us an ideal strategic partner for real estate businesses seeking to accelerate growth.”