London – MEPC, the wholly owned development and asset management subsidiary of the international business of Federated Hermes, announces that Argent’s eight-strong team working on the £700 million Paradise, Birmingham scheme will be joining the company.
The team officially joined MEPC on 1 July 2021 and the operations will remain the same – to continue to focus on delivering the second and third phases of the world-class regeneration of Paradise, Birmingham. The team will continue to be led by Rob Groves based in Birmingham and work closely with Birmingham City Council, which is a joint venture partner with BTPS and CPPIB, on the project.
The new structure combines the investment, development and asset management expertise into one business to build on the relationships, experience and skills of the Birmingham team. This will support and enhance the ongoing delivery of Paradise, but also broaden the scope to respond to other significant opportunities within the region. The transition to MEPC comes at the appropriate time for the project following the successful completion of phase one by the development manager, Argent which delivered One and Two Chamberlain Square with major occupiers including Price Waterhouse Cooper and new retailers and dining to Birmingham such as Dishoom, Rosa’s and Vinoteca, as well as a new public square for the city.
At almost 2 million square feet, Paradise will deliver up to ten new flagship buildings, offering offices, shops, bars, cafés, restaurants, a high-quality hotel and a 49-storey residential tower across 17 acres in the heart of the city.
The Paradise redevelopment is being brought forward through Paradise Circus Limited Partnership (PCLP), a private-public joint venture with Birmingham City Council. The private sector funding is being managed by the international business of Federated Hermes, which has partnered with Canada Pension Plan Investment Board (CPP Investments) on the first phase of the development.
With projects in Birmingham, Bristol, Leeds and Manchester, MEPC’s portfolio now includes four of the finest sustainable urban regeneration placemaking schemes in English cities.
Chris Taylor, Chairman of MEPC and CEO of Real Estate at the international business of Federated Hermes, said:
“For the citizens of Birmingham, Paradise is one of the most important developments in a generation and Federated Hermes is committed to its full delivery for all stakeholders, including shareholders and joint venture partners. Rob and his team bring a raft of experience to MEPC and Federated Hermes, as we look to further develop our regional regeneration projects across the UK. We look forward to welcoming them to the team and continue their excellent work on Paradise Birmingham. We would like to thank Argent for its outstanding expertise and guidance on the first phase of this flagship project.”
Rob Groves, Regional Development Director at MEPC, the developer-managers of Paradise, added:
“Both MEPC and Federated Hermes are two businesses which share our values. Our priority from the start of this project was to place social considerations and placemaking at the heart of all decision making. This is an area in which the two companies are recognised industry leaders and we look forward to becoming part of the team. Our focus will remain the same, to deliver the next phases of this landmark development for the city of Birmingham in the coming years.”
Robert Evans, Joint Managing Partner of Argent said:
“We are very proud of what the Argent team have achieved in leading this transformational project for Birmingham. Argent and Federated Hermes have worked successfully together for more than two decades and we have a long history of delivering great projects in Birmingham. We know that the team will continue to flourish and wish them every success as part of MEPC. This transition follows the completion of phase one of the Paradise development and is also timed with our business strategy to focus on King’s Cross, Brent Cross and Tottenham Hale and projects where Argent Related is the developer-owner-operator.”