In July 1991, Warburg, Pincus formed a joint-venture with Argent Group plc, a private company which acquired and managed commercial investment properties in the United Kingdom. At that time, the United Kingdom property market had recently experienced a 30% to 50% decline in capital values resulting from economic recession, high interest rates and oversupply. With an equity commitment from Warburg Pincus, Argent was able to purchase high-quality properties at attractive yields and benefit over time from both a market-wide property revaluation and management's hands-on approach to creating value.

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