The property fund backed by millionaire entrepreneur Anil Pitalia, and set up by former JLL North West chairman David Lathwood, has made its first acquisition, buying a former aircraft factory in Manchester.
Pitalia Real Estate acquired the 35,000 sq ft Aeroworks for £9.3m from privately owned propco Epsilon. The deal reflected a 5.25% initial yield.
FTSE 250 online travel specialist On the Beach occupies the property, on Adair Street, on a 10-year lease until 2028.
The building includes a 250-seat auditorium, beach bar and library.
Lathwood said: “As our first purchase, Aeroworks ticks all of our boxes. It’s in a location that is very likely to get better over coming years and the building offers space that we believe fits contemporary occupier needs.”
Pitalia Real Estate is a part of the Pitalia Group, Pitalia’s private investment company.
Lathwood was appointed as the development and investment vehicle’s chief executive in March.
The buyer was represented by Colliers International, while Epsilon dealt direct.
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