One of Scotland’s largest independent letting agencies has entered into two deals adding over 600 properties to its inventory.
The Edinburgh-based DJ Alexander Lettings has merged with another agency in the city, Edinburgh Property Management, which has over 500 rental properties under management.
This comes a week after officially taking over the 105-unit portfolio of Regimental Properties of Musselburgh, following the retirement of its owner.
This brings the number of properties under management by DJ Alexander Lettings Ltd across its Edinburgh and Glasgow offices to just under 5,000, and accommodating just over 7,000 tenants.
The Edinburgh portfolio alone is valued at circa £1 billion and accounts for just under 25 per cent of privately-rented properties in the capital. Staff numbers at the firm have risen to just under 120.
The firm is managed by brothers David and John Alexander, the latter having also being the proprietor of EPM. Now the company is looking at further takeover opportunities, particularly in Aberdeen but with other urban parts of Scotland open to consideration.
“Substantial funding has been secured from private and institutional investors to drive forward an acquisition programme” says David Alexander.
“However we’re not being seduced by the mantra that ‘bigger is better’. While extremely keen to grow the business both in our core areas and other parts of Scotland, we intend to remain focussed on client service” he says.
In another development, DJ Alexander Lettings has secured 5,000 sq ft of commercial space at the John Cotton Business Centre in Easter Road in Edinburgh, to where its accounts and maintenance department will be relocated.