Pitalia enters industrial market with £8m Cheshire buy
The investment vehicle headed by David Lathwood has made its maiden acquisition in the sector, purchasing 250,000 sq ft at Winsford Industrial Estate from Henkel UK Operations.
Manchester-based Pitalia Real Estate has purchased Units 1-3 on Road Five of the 380-acre estate.
Pitalia will partner with development manager Harlex Property to refurbish and reposition Units 1 and 2, which are currently vacant.
Unit 3 will be leased back to Henkel on a five-year term that will see them retain workforce on the plot.
The estate, currently undergoing an overhaul, is home to occupiers such as Tiger Trailers, H&M, Coveris, Schoeller Allibert, Jiffy, Howard Tenens and Warehouse One.
Lathwood said: “Our first foray into the industrial market represents an exciting opportunity for us.
“Through its sustainability credentials and position as a business improvement district, Winsford is a location that encapsulates the innovative, forward-thinking environments that we look to invest in as Pitalia, and we’ll look to further this offering through our redevelopment of Units 1 and 2.”
James Nicholson, managing director at Harlex, said: “While the North West is continuing to cement its position as one of the UK’s leading industrial markets, there remains a chronic lack of space.
“Our work with Pitalia will see us complete a speedy and good quality refurbishment, to bring much needed industrial and manufacturing space back to the market.”
The deal is Pitalia’s fourth investment since launching in March, following its £9.3m acquisition of the 35,000 sq ft Aeroworks building and 24 Oxford Court in Manchester and a further office building in Leeds, The Granary.
The firm, headed by ex-JLL regional boss Lathwood and backed by businessman Anil Pitalia, recently added to its team through the recruitment of development and investment director Greg Ball from Urban Splash.
JLL acted for Henkel, with Legat Owen representing Pitalia and Harlex.