Pitalia grows its North West footprint in £6m deal for two warehousing units

The Matalan site, in red

A £6.2m deal for two retail warehousing units has further expanded the footprint of Manchester development and investment firm, Pitalia Real Estate.

The acquisition was for units on Ashton Old Road in Manchester.

They are currently occupied by discount retailer Matalan and charity Sue Ryder, comprising 55,221 sq ft of space.

They were acquired from Capreon, the Noé Group’s real estate investment and advisory arm.

The 3.72 acre site is prominently positioned, just two miles outside Manchester city centre, and is passed by around 18,300 vehicles every day.

The purchase sees the Pitalia portfolio grow to five assets totalling more than 340,000 sq ft, from an investment of £30.1m since the firm’s establishment just over 12 months ago.

Development and investment director at Pitalia, Greg Ball, said: “In the short to medium term, this site meets all our criteria from an investment perspective with strong performing tenants.

“In the long term, the site offers significant potential – situated on one of the main arterial routes into Manchester city centre. There’s a limited supply of available sites such as this so close to the city centre.”

He added: “Since launching Pitalia, one of our primary objectives has been on finding strong performing investment assets – with ‘value add’ opportunities across a range of sectors and locations.”

Zvi Noé, at Capreon, said: “We are pleased to have worked with all parties and wish Pitalia’s team every success as the new owners of the warehousing unit.”

Scott Gemmell at OBI Property acted on behalf of Pitalia Real Estate, while Metis acted on behalf of Capreon.

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