Pitalia takes 50% stake in Wigan multi-let complex 

The developer/investor has acquired half of Lowton Business Park, forming a joint venture with Property Alliance Group to deliver a refurbishment project. 

Alliance acquired the Wigan 55,000 sq ft multi-let complex for £4.15m last October and announced plans for a £2m upgrade.  

The acquisition was secured with a facility from IM Capital and Westbrooke Capital, the South Africa and London-based fund manager. 

Now, Pitalia Real Estate has taken 50% of the asset and taken out a development loan with Close Brothers to pay for the refurbishment. 

At present, Lowton Business Park, which comprises 25,000 sq ft of managed office space, 30,000 sq ft of industrial space and outdoor container storage, is let to occupiers including ATG Airport and Far Logistics. 

Greg Ball, development and investment director at Pitalia Real Estate, said the decision to join forces with Alliance was rooted in Pitalia’s strategic approach. 

“Since we launched, a core element of our approach was the formation of strategic partnerships. Alliance, with a strong track record for delivering high-quality sustainable development schemes, is an ideal partner.” 

Pitalia’s other assets include industrial space in Winsford, retail in Openshaw, and its maiden purchase, the 35,000 sq ft Aeroworks in Manchester.  

Pitalia is also under offer on Hilti’s former headquarters on Trafford Wharf.   

Rodney Hunt, investment director at Property Alliance Group, added: “Pitalia has quickly built and grown a portfolio of quality assets, demonstrating the extensive expertise of Greg and the team in action. 

“By joining forces with Pitalia and Close Brothers on Lowton, we have been able to accelerate our investment strategy to seize this opportunity as the market moves into a new cycle.”