Savills Investment Management (“Savills IM”), the international real estate investment manager, has acquired Pitmore, the UK Development and build-to-rent (BTR) specialist, as a key part of plans to grow its UK residential and BTR platform.
As one of the UK’s most experienced residential advisors, being involved in the sector since 2012, the senior partners of Vittorio Davico, Tommy Adeane, Peter Wyatt and Craig Mulholland bring significant development, transactional and asset management experience to Savills IM.
The team brings a particularly successful track record in single family housing where they created a successful partnership with Goldman Sachs, and will continue to advise on some of the largest housing development sites in the UK, with potential GDV of over £3bn. The combined teams will allow Savills IM to advise on and create a range of residential products across the risk return spectrum.
The first new product following the acquisition is the launch of Savills IM’s UK build-to-rent strategy, which will build on Pitmore’s recent success and current pipeline. The strategy aims to develop up to £200m of quality, sustainable housing in both single and multifamily assets with a strong focus on regeneration areas and master-planned schemes.