Pitalia Real Estate has joined forces with Property Alliance Group on the redevelopment of Lowton Business Park in Wigan, Greater Manchester.
The two firms will each hold 50% ownership in the park. Property Alliance Group acquired the park in October last year for £4.2m.
Located just off the A580 East Lancashire Road, the scheme comprises serviced offices spanning across 25,000 sq ft and 30,000 sq ft of industrial space and outdoor storage. It is currently a home to ATG Airports and Far Logistics.
The joint venture will be known as Lowton Alliance and be backed by a debt facility from Close Brothers.
The partners have proposed to invest £2m in the refurbishment of the park, which will include upgrades to its sustainability through the installation of solar PVs.
Property Alliance Group investment director Rodney Hunt (pictured above, centre, with Pitalia’s Greg Ball, left, and Property Alliance Group’s Rob Peill, right) said: “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.”
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