Avanta Commences Passage to IndiaLeaseholds signed on first two business centres in Delhi and Mumbai
Serviced office operator Avanta has signed two leases on buildings in the centre of Delhi and Mumbai as it embarks on a major expansion drive into the Indian market.
The company has taken 21,000 sq ft in one of Delhi’s most iconic buildings, Statesman House, in the heart of the city’s central business district in Connaught Place. The first tenants have already been secured when the office opens in August, as the UK India Business Council (UKIBC) are moving in. The UKIBC, the lead organisation supporting the promotion of bilateral trade, business and investment opportunities between the UK and India, have played a key role in helping Avanta establish its business in the country. In Mumbai, 32,000 sq ft has been secured at Fort, next door to the city’s Stock Exchange.
Sean Morgan, who was Operations Director for Regus in its Asia Pacific Region and more recently looking after its India operations, has joined Avanta as Managing Director of Middle East and India. He will work closely alongside Chief Executive David Alberto, who has spent a year building relationships and developing opportunities in these new markets.
Avanta’s business centres will target international companies looking for flexible, fully serviced office space. Avanta expects to complete deals on further office space in Delhi, Mumbai, Bangalore and Dubai this year and is on target to meet its long term goal of becoming a well established operator with a network of business centres over the next five years.
Separately to the establishment of its own operation, Avanta has signed a Memorandum of Understanding for the establishment of a joint venture with Patel Realty, the real estate arm of Patel Engineering to undertake business centres on mixed use schemes being developed by Patel.
The Business Centre Association (BCA), the UK trade association representing the business centre and managed work space industry, introduced the two companies. Jennifer Brooke, Executive Director, commented that “the BCA regularly receives approaches from international developers seeking introductions to experienced, proactive and sophisticated operators in the ‘Flexible Space sector’ and Avanta was one such operator that I had every confidence in introducing to Patel Realty India Ltd”.
She continued: “Avanta, an established operator, with a strong track record of successful international joint ventures combined with their commitment to emerging markets was a natural fit. I am delighted that the deal has now been finalized between Avanta and Patel Realty India Ltd and I am in no doubt that this joint business enterprise will be a resounding commercial success”.
David Alberto, Avanta’s Chief Executive, said: “India is a huge growth economy and represents a fertile market place for Avanta to grow its business. There is tremendous interest from international occupiers, who are looking for better quality office space than the market can currently provide. It can also be a difficult place to establish a business, so a fully serviced office can be a big help.”
He continued: “The opening of these centres in Delhi and Mumbai is only the beginning. We will increase our market presence in India and Middle East over the next three years significantly, and already have other developments in the pipeline. These are exciting times for Avanta, having established a strong reputation as a serviced office provider in the UK, our international expansion is now well underway.”
Avanta offers highly flexible, unbranded office space, with advanced and competitively priced technology, tailor made to meet the requirements of the occupier. It manages over 640,000 sq ft of office space in prime locations across London, in the Thames Valley, Manchester, Birmingham and Edinburgh.
In January 2007, Kenmore Private Equity, part of the Kenmore Group, funded the management buy-out of Avanta. It also provided the equity and bank debt that has enabled the Company’s major UK and international expansion programme, through buying freeholds, taking on leaseholds and developing its corporate outsourcing operations.
Rob Brook, Managing Director of Kenmore Property Group, comments: “Avanta provides a highly deliverable and well established business model that is globally transferable and dynamic, and lends itself to the strong emerging office markets of India. We have every confidence that through this joint venture and strategic appointments, the Company is well placed to reach its growth targets and generate maximum income returns.”
For further information, please contact:
PR agency contact:
Richard Stocks
FD Tamesis
Tel: 020 7269 9355 / 07951 328475
richard.stocks@fdtamesis.com
Avanta contact:Anna Haslam
Avanta Managed Offices Ltd
1 Hammersmith Grove
London
W6 0NB
Notes to Editors Avanta is a leading name in the serviced office market, with a rapidly growing portfolio of office suites in prime locations across London, and in the Thames Valley. The company was formed in 2004 by David Alberto, previously with Regus and former Managing Director at MWB Business Exchange. Avanta can offer highly flexible, unbranded office space, with advanced and competitively priced technology, tailor made to meet the requirements of the occupier. The company manages over 600,000 sq ft of office space across 16 locations.
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