Savills Investment Management has acquired Pitmore, the UK Development and build-to-rent (BTR) specialist, as a key part of plans to grow its UK residential and BTR platform. The team brings a particularly successful track record in single family housing where they created a successful partnership with Goldman Sachs, and will continue to advise on some of the largest housing development sites in the UK, with potential GDV of over €3.55bn (£3bn). The combined teams will allow Savills IM to advise on and create a range of residential products across the risk return spectrum.
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 aims to develop up to €592m (£500m) of quality, sustainable housing in both single and multifamily assets with a strong focus on regeneration areas and master-planned schemes.
Alex Jeffrey, Chief Executive of Savills IM, commented: “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.”
Jon Crossfield, Head of Strategic Partnerships and Living 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, 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.”
Vittorio Davico, added: “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.”