Infinity's property fund has joined forces with Spanish developers Levitt to acquire residential development company Abito from Ask Developments.
Abito has property assets of around £20m and Infinity and Levitt will be responsible for managing its residential property portfolio, which is centred on Salford Quays and Greengate.
Property partner at Infinity, Les Lang, set up Abito when he worked at Ask in 2004, before he left to join Infinity in 2008.
The deal underlines Infinity's move into acquisition and long-term management of residential assets and Ask's move away from the direct residential development sector.
Simon Bate, co-founder and director of Ask Developments, said: "The partnership with Levitt brings a welcome inward investment to the region. Disposing of an asset that has been so close to our hearts is always tinged with sadness, but we're confident that Les and his team will drive the company forward and we wish them well."
Les Lang added: "In the last five years, Abito has firmly established itself as one of the North West's most creative residential property products, developing a contemporary and forward-thinking solution for inner city living. We're confident that, as the residential market continues to show positive signs of recovery, Abito will go from strength to strength, adding to Infinity's expanding portfolio of commercial and residential developments."
Infinity and Levitt were advised by Paul Jefferson at Halliwells. Ask was advised by Tony Harper, head of corporate, and property partner, Matthew Dobson from Brabners Chaffe Street in Manchester.