UK: Savills Investment Management has acquired Pitmore, a UK development and BTR specialist as part of its plans to grow its UK residential and BTR platform.
Following the acquisition, Savills IM will launch its UK Build to Rent strategy, which will build on Pitmore’s recent success and current pipeline. The strategy seeks to raise £200 million and aims to develop up to £500 million of “quality, sustainable housing in both single and Build to Rent assets, with a strong focus on regeneration areas and master-planned schemes”.
“This acquisition and launch of the Build to Rent strategy is in line with our strategy to deepen specialist operational expertise in chosen sectors. Residential is a key part of this based on our conviction that institutions will benefit from increasing exposure to the sector over the long-term. We have great faith in the capability of the Pitmore team and we welcome them to Savills IM,” said Alex Jeffrey, chief executive of Savills IM
As part of the acquisition, Pitmore’s senior partners – Vittorio Davico, Tommy Adeane, Peter Wyatt and Craig Mulholland – will bring development, transactional and asset management experience to Savills IM.
“We are very excited to join the Savills IM family and to be able to launch the new Build to Rent strategy so quickly. We are already working on a number of attractive seed assets with a significant deliverable pipeline to follow,” said Davico.
The Pitmore team will continue to advise on some of the largest housing development sites in the UK, with potential GDV of over £3 billion.
