JLL’s former lead director for the North West, David Lathwood, has launched a development and investment vehicle backed by millionaire businessman Anil Pitalia.
Bolton-based Pitalia founded SpaMedica, one of the NHS’s largest cataract surgery contractors, in 2008. The healthcare company was first bought by CBPE Capital in 2016 and then sold to Nordic Capital last year for £300m.
The new vehicle, of which Lathwood is managing director, is called Pitalia Real Estate and will operate nationally, targeting investments in “mid-to-large” assets across a range of property sectors including build-to-rent, industrial, offices and retail, with a focus on best in class” sustainable buildings.
The fund is to operate as part of the Pitalia group of companies, but its founders declined to disclose its size and value.
Lathwood worked for property consultancy JLL and, before that, King Sturge, for 35 years, including as chairman for the North West until last July. He also serves as a part-time senior advisor for Rothschild & Co bank, working on private client work.
Pitalia, a graduate of medicine of the University of Manchester, was chief executive of SpaMedica until January this year.
Said Lathwood: “Pitalia Real Estate intends to be extremely active in the market over the next few years. We are well resourced and funded with a streamlined and focused vision. Both myself and Anil see the market through the same lens and we both feel that the timing is right for Pitalia Real Estate to be well received by the market.
“We will be flexible in our approach, not blinkered by sector preferences and we will take meaningful risks to create value. Above all, we want assets that we buy and develop to be regarded as ‘best in class’.”
He added: “Since the 1980’s, I have enjoyed great relationships in the market and I’m looking forward to renewing old friendships… and hope to develop new relationships with like-minded partners over the coming months.
“It’s been a long time since I’ve felt this enthused about the property business.”
Pitalia Real Estate is to be based in the North West, where both its founders live, but it will operate nationally.