Savills IM launches BTR strategy with Pitmore acquisition
Savills Investment Management has acquired build-to-rent and development specialist Pitmore as part of its plans to grow its UK residential and BTR platform.
The single-family homes and private rental developer and operator previously formed a £150m partnership with Goldman Sachs. Senior partners Vittorio Davico, Tommy Adeane, PRS director Peter Wyatt and development director Craig Mulholland will join Savills IM.
The acquisition will assist the continued expansion of Savills IM’s European Living Platform and is seeking to raise £200m for its UK BTR platform. Savills IM plans to deliver housing stock to an “underserved UK market”.
Savills Investment Management has acquired build-to-rent and development specialist Pitmore as part of its plans to grow its UK residential and BTR platform.
The single-family homes and private rental developer and operator previously formed a £150m partnership with Goldman Sachs. Senior partners Vittorio Davico, Tommy Adeane, PRS director Peter Wyatt and development director Craig Mulholland will join Savills IM.
The acquisition will assist the continued expansion of Savills IM’s European Living Platform and is seeking to raise £200m for its UK BTR platform. Savills IM plans to deliver housing stock to an “underserved UK market”.
Pitmore will continue to advise on some of the largest housing development sites in the UK, with a potential GDV of more than £3bn.
Jon Crossfield, head of strategic partnerships and living at Savills IM, said Pitmore has “a deep understanding of the wider sector and brings a wealth of experience, a high-quality client base and a thorough, analytical approach to PRS”.
He added: “They will be instrumental as we continue to build our platform and create a range of products to best serve both existing and new clients. We are building a platform that will be uniquely placed to both access opportunities and deliver returns in the sector.”
The first new product following the acquisition is the launch of Savills IM’s UK BTR strategy, which will build on Pitmore’s recent success and current pipeline.
The strategy aims to develop up to £500m of quality, sustainable housing in single and multi-family assets with a strong focus on regeneration areas and masterplanned schemes.
Alex Jeffrey, chief executive of Savills IM, said: “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.”
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