A Birmingham-based developer is branching out by launching a new investment arm.
Nurton Developments has hired former Knight Frank chief Ashley Hudson to lead its new division called Nurton Capital.
It is supported by "significant capital" from Nurton Developments, the company said, with Mr Hudson now looking to partner with investors to build a rolling portfolio of £100 million.
The firm said it was targeting "subdued and mispriced properties in strong locations" which could be asset managed to generate returns.
Mr Hudson was a partner and head of the Birmingham office at property consultancy Knight Frank which he joined in 2003 as an associate surveyor.
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He has 30 years of commercial real estate experience, working with clients such as family trusts, high-net-worth individuals and developers.
Notable deals during his time at Knight Frank included the £55 million acquisition of pub company Mitchell & Butlers' head office for US investor Blue Owl and the £10 million purchase of the Chatwin Building in Colmore Row for Kinrise.
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He said: "This is a hugely exciting opportunity to combine Nurton's enviable track record as a Midlands family business alongside my own industry expertise, market knowledge and strategic direction.
"The current investment market is subdued and somewhat dysfunctional and we believe Nurton can capitalise on this and appeal to partners who want to invest in underperforming but well-located assets - the kind of 'core plus' opportunities where value can be added.
"Our focus will be on mature markets such as the Midlands, Manchester and Bristol, with the aim of growing assets over the next one to five years.
"Together, we are well placed to build a high-quality portfolio."
Mr Hudson joins a number of high-profile appointments at Nurton in the past two years including Guy Bowden from Bridges Fund Management, Ian Harris, who leads a new joint venture called Nurton Retail, and Peter Leaver, former head of Midlands planning and development at consultancy JLL.
Nurton Developments managing director David Bradshaw added: "The market is offering real opportunities for well-funded, experienced investors.
"With Ashley's widely recognised expertise and network, Nurton Capital is well placed to find and deliver them.
"We welcome Ashley to our growing team which offers a wealth of industry experience to enable us to invest in a number of exciting opportunities to grow our business and significant existing asset base across a variety of core sectors that are currently under management."