Savills IM has acquired UK-based built to rent development specialist Pitmore to expand its European residential and BTR platform in the UK.
The strategy, which will deliver high quality, institutional-grade housing stock, aims to raise £500 mln (€592 mln) for a UK residential BTR platform.
With a successful track record, particularly in the single-family sector, Pitmore partners Vittorio Davico, Tommy Adeane, and Peter Wyatt as well as development director Craig Mulholland will continue to advise on some of the UK's largest residential properties, with a potential GDV of over £3 bn (€3.5 bn).
The new BTR strategy will develop quality sustainable housing in both single and multi-family assets, with a strong focus on regeneration areas and masterplans with strong features, such as favourable renter demographics, strong supply or demand imbalance, and access to growing employment hubs.
Alex Jeffrey, CEO of Savills IM, said: ‘This acquisition and the launch of the BTR strategy is in line with our strategy to deepen specialist operational expertise in chosen sectors. Residential is a key part of this strategy, based on our belief that institutions will benefit from increased exposure to the sector over the long term. We have great confidence in the Pitmore team and welcome them to Savills IM.’
Jon Crossfield, head of strategic partnerships and housing at Savills IM commented: ‘We are delighted to bring the Pitmore team on board. They have a deep understanding of the wider sector and bring a wealth of experience, a high-quality client base and a thorough and analytical approach to the PRS. They will be instrumental as we continue to build our platform and create a range of products to better serve both existing and new clients.’
Pitmore’s Vittorio Davico added: ‘We are delighted 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 delivery pipeline to follow.’
Separately, Savills IM announced The Land Managers (TLM) as the cornerstone investor of its new BTR strategy.
This is the second partnership with the real estate investment arm of Singapore-based JL Family Office (JLFO), which also invested in Savill IM’s UK retail park strategy with a target capital raise of £360 mln (€426.6 mln).
