Pitalia enters industrial and logistics market
Development and investment firm Pitalia Real Estate has made its first move into the industrial and logistics space after acquiring assets at Winsford Industrial Estate in Cheshire.
The Manchester-based firm has purchased Units 1-3 on Road Five of the 380-acre estate from Henkel UK Operations for more than £8m, in a deal that will see it attain/acquire over 250,000 sq ft of industrial and warehouse space.
Home to over 140 employers across a range of sectors, the estate was both the UK’s first green business park and first industrial estate to become a Business Improvement District (BID).
The estate is currently undergoing a major transformation and upgrade and is home to occupiers such as Tiger Trailers, H&M, Coveris, Schoeller Allibert, Jiffy, Howard Tenens and Warehouse One.
Pitalia will partner with development manager Harlex Property to refurbish and reposition Units 1 and 2 – which are currently vacant – transforming them into much needed, high-quality, modern industrial space.
Unit 3 will be leased back to Henkel on a 5-year term that will see them retain workforce on the plot.
Commenting on the deal, David Lathwood, CEO at Pitalia Real Estate said: “Our first foray into the industrial market represents an exciting opportunity for us. Through its sustainability credentials and position as a BID, 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.
Heidi Findlow at Henkel said: “Our time at Winsford has seen the site grow into a significant employer in the region through the provision of major manufacturing and distribution facilities for the North West’s business community.”
James Nicholson, Managing Director at Harlex Property, said: “While the North West is continuing to cement it’s 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.”
Pitalia’s purchase of Units 1-3 at Winsford represents the firm’s fourth investment since its launch in March, following its acquisition of Manchester’s Aeroworks building, 24 Oxford Court, also in Manchester and Grade II listed office building, The Granary in Leeds. The firm recently added to its team through the recruitment of Development and Investment Director Greg Ball from Urban Splash.
Andrew Pexton of JLL acted on behalf of Henkel in the deal, while Matthew Pochin of Legat Owen represented Pitalia/Harlex.