Infinity’s property fund has joined forces with Spanish developers, Levitt to acquire  multi-award winning residential development company Abito in an off-market deal.

Abito has property assets of around £20 million, together with the intellectual property (IP) and design rights to the innovative studio product. The parties from Infinity and Levitt have taken the opportunity to acquire the business from Ask, which will complement Infinity’s growing residential property division. Infinity and Levitt will now be responsible for managing the Abito residential property portfolio which is centred on Salford Quays and Greengate.

The deal between Infinity, Levitt and Ask underlines the strategic intent of all parties. Infinity’s move into acquisition and long-term management of quality residential assets, and Ask’s move away from the direct residential development sector are both well served by the transaction.

Simon Bate at Ask, commented: “We’re delighted to conclude this deal with one of the city’s most dynamic investors.  The partnership with Levitt brings a welcome inward investment to the region.  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.”

As the market improves, new developments will be considered using the IP to roll out the concept. Infinity and Levitt already have their sights firmly set on the future and are currently involved in discussions regarding the development of a site in London Docklands.

Les Lang, property partner at Infinity, commented: “In the last five years, Abito has firmly established itself as one of the North West’s most creative residential property products, developing a contemporary and forward-thinking solution for inner city living. 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.”

Two years after parting company with Abito to head Infinity’s property fund, Lang has now acquired the business that earned him the reputation as one of the region’s most pioneering property specialists.

He added: “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.”

Tim McCormac at Levitt UK commented: “The synergy between Abito, Levitt and Infinity is remarkable and will allow us to develop a range of exciting new projects in the future.”

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

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.