International real estate investment manager – Savills Investment Management (Savills IM) – acquires Pitmore, a UK Development and Build to Rent specialist. The acquisition is a key part of Savills IM’s plans to grow its UK residential and Build to Rent platform.
The first new product following the acquisition is the launch of Savills IM’s UK Build to Rent strategy, which will build on Pitmore’s recent success and current pipeline. The strategy seeks to raise £200m for its UK Build to Rent platform and aims to develop up to £500m 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.”Alex Jeffrey, Chief Executive, Savills IM
As part of the acquisition, Pitmore’s senior partners – Vittorio Davico, Tommy Adeane, Peter Wyatt and Craig Mulholland – will bring significant development, transactional and asset management experience to Savills IM. Pitmore is one of the UK’s most experienced residential advisors, being involved in the sector since 2012.
“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.”Vittorio Davico
The Pitmore team brings a particularly successful track record in single family housing, where they created a successful partnership with Goldman Sachs. The team will also continue to advise on some of the largest housing development sites in the UK, with potential GDV of over £3bn. The combined teams will allow Savills IM to advise on and create a range of residential products across the risk return spectrum.
“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, analytical approach to PRS. 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. As part of Savills PLC, we are building a platform that will be uniquely placed to both access opportunities and deliver returns in the sector.”Jon Crossfield, Head of Strategic Partnerships and Living, Savills IM