DWS’s Hardman quits for new venture with Downing
Jessica Hardman, UK chief executive of DWS, is leaving the firm to become co-founder of a new real estate investment management business with developer Downing.
The new company, named Aboria Capital and headquartered in London, will leverage Downing’s 35-year development and operational track record, which has seen it deliver more than £3bn in real estate development across the UK, including 14,500 beds in the purpose-built student accommodation sector.
Hardman will initially focus on realising Downing’s £1.6bn pipeline, which includes 10 new projects planned to start on site at locations across the UK in 2025 and 2026. These include Square Gardens, a £400m co-living scheme in Manchester that will comprise more than 2,500 beds on completion.
Jessica Hardman, UK chief executive of DWS, is leaving the firm to become co-founder of a new real estate investment management business with developer Downing.
The new company, named Aboria Capital and headquartered in London, will leverage Downing’s 35-year development and operational track record, which has seen it deliver more than £3bn in real estate development across the UK, including 14,500 beds in the purpose-built student accommodation sector.
Hardman will initially focus on realising Downing’s £1.6bn pipeline, which includes 10 new projects planned to start on site at locations across the UK in 2025 and 2026. These include Square Gardens, a £400m co-living scheme in Manchester that will comprise more than 2,500 beds on completion.
Those 10 assets will seed the first stage of a multi-year growth plan for Aboria Capital.
Hardman said: “Downing is recognised as a seasoned, high-quality living operating and development business.
“The UK and European living sector continue to be the most favoured sector by international investors, especially where managers can offer the benefits of a vertically integrated value chain across both the investment and operational disciplines.”
Bay Downing, executive director of Downing, said: “We want to take advantage of the current dislocation in the market and the cyclical investment opportunities in front of us, which will produce long term generational value.
“We feel now is the right time to launch Aboria Capital, bringing together two hugely complementary skill sets in real estate and global investment management.”
Hardman joined Deutsche Bank in 2004 and ran its real estate transactions business between 2013 and 2017, after which DWS was spun into a separate business. She was made head of the UK in June last year, taking on the role alongside her existing positions as head of European portfolio management. Earlier this month she took on presidency of the British Property Federation.
About Jessica Hardman
Jessica Hardman has more than 20 years’ experience in real estate. She has spent the majority of her career with Deutsche Bank and DWS Group, where she was a member of its Global Leadership Team.
She was appointed as chief executive of DWS Group’s UK-based operations in 2023, alongside her roles as head of European portfolio management & head of UK Real Estate Group.
She is a prominent and highly regarded figure in the sector, playing an active role in the BPF, the national trade body for the real estate sector.
She is also a member of the management board of INREV, The European Association for Investors in Non-Listed Real Estate Vehicles.
Hardman has been recognised for her strong advocacy for diversity and inclusion in the real estate sector and across the asset management industry as a whole.
