Ask sells Abito to Infinity and Levitt

INFINITY Asset Management’s property fund has joined forces with Spanish developer Levitt to buy residential development company Abito in an off-market deal.

The Manchester-based fund and Levitt have bought the business, which has property assets of around £20m, from Ask.

Infinity’s Les Lang launched Abito in 2004 within the Ask Development Group, to create compact living spaces in urban areas for first-time buyers, young professionals and key workers.

Mr Lang said: “This is an extremely significant deal for Infinity. On a personal note, I’m delighted to have the opportunity to once more take up the reigns and drive Abito to even greater heights.”

The deal also includes intellectual property and design rights and Infinity said that as the market improves, new developments will be considered using the IP to roll out the concept

Infinity added that the deal, which will see it managing the Abito residential property portfolio around Salford Quays and Greengate, will complement its growing residential property division.

The sale signals Ask’s move away from the direct residential development sector.

Simon Bate at Ask said: “Disposing of an asset that has been so close to our hearts is always tinged with sadness, but we’re confident that Les and his team will drive the company forward and we wish them well.”

Mr Lang added: “We’re confident that, as the residential market continues to show positive signs of recovery, Abito will go from strength to strength, adding to Infinity’s expanding portfolio of commercial and residential developments.”

Infinity and Levitt were advised by Paul Jefferson at Halliwells. Ask was advised by Tony Harper, head of corporate, and property partner, Matthew Dobson from Brabners Chaffe Street in Manchester.