Property management company Lomond Capital has completed the acquisition of lettings business, Grant & Wilson, which trades as Bruce & Partners in Aberdeen and Ellon.
The deal, for an undisclosed sum, builds on Lomond's existing activities across four UK cities spanning Scotland, the North West of England and the Midlands and bringing the total number of properties under its management to more than £2 billion.
Stonehouse, Lomond's lettings brand in the North East of Scotland, will add Bruce & Partners' 300 properties to its existing portfolio of 1,800 as a result of the deal. The Bruce & Partners Ellon office will be rebranded under the Stonehouse banner and marks a significant expansion for the operation in the region.
Meanwhile Braemore, Lomond's Edinburgh-based business and the largest lettings business in the city, will take on management of Grant & Wilson's residential properties in the Capital.
Stonehouse chief executive Ross Murray says: We're relocating to bigger premises within the next three months to accommodate our growing team of 48. Having also recently strengthened our management structure, we are in a good position to continue this current growth trajectory.
Lomond now operates five recognisable estate and letting agent brands in four major UK cities with plans well under way to launch in at least two more cities in 2015.
Lomond Capital was established in 2010. It now employs over 290 personnel and manages residential properties worth in excess of £2 billion. It received private equity backing from MML Capital Partners last year to accelerate future expansion in the UK's rapidly expanding residential rental property market.