Property Alliance Group has sold a multi-let industrial estate in St. Helens to one of its...
NEW JV PARTNERSHIP AT LOWTON BUSINESS PARK
We are pleased to announce a new 50/50 joint venture partnership with development and investment vehicle Pitalia Real Estate at Lowton Business Park in Wigan.
Following the recent acquisition of Lowton Business Park, Pitalia has taken a 50% equity stake in Lowton Alliance Ltd - a new special purpose vehicle we initially formed at Alliance.
Together with Pitalia, and with the support of a debt facility from Close Brothers (value undisclosed), we will be delivering a refurbishment of the multi-let site, which will include upgrades to its sustainability credentials through the potential installation of solar PV.
Lowton is home to firms like ATG Airport and Far Logistics, and comprises 25,000 sq ft of managed office space, 30,000 sq ft industrial space and outdoor container storage.
Greg Ball, development and investment director at Pitalia Real Estate, said: “Since we launched, a core element of our approach was the formation of strategic partnerships. And Alliance, as one of the North West’s pre-eminent developers with a strong track record for delivering high quality sustainable development schemes, are an ideal partner.
“The vehicle we’ve created at Lowton reflects our investment ethos of focusing on good quality assets where there is opportunity to add value and improve sustainability outputs.”
Rodney Hunt, investment director here at Alliance, 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.”