A company owned by Lomond Capital has snapped up a Scottish lettings operation with an asset value of £45m.
Lomond owns Stonehouse Lettings, the firm which has acquired the residential leasing business of Raeburn Christie Clark & Wallace, a company operating in the city and north east Scotland.
The deal adds 300 properties with an asset value of approximately £45m to the Stonehouse portfolio, bringing the total number of properties it manages locally to 2,300.
The deal is Stonehouse’s seventh acquisition since merging with Simpson Brebner in 2013, during which time it has more than doubled the number of properties under management in Aberdeenshire.
Parent company Lomond Capital now has assets worth £500m under management in that region alone.
The acquisition sees Stonehouse increasing activity through its offices in Aberdeen city centre as well as in Kemnay and Ellon. A total of nine RCCW leasing employees have joined the Stonehouse team, bringing the size of the team to over 50.
Stonehouse will continue to specialise on lettings and RCCW on property sales and purchases. RCCW legal and property sales and purchase services will be available to all Stonehouse clients, as will Stonehouse leasing services be available to all RCCW clients, allowing both sets of clients to enjoy the benefits of specialist providers in each area.
Lomond Capital has been actively acquiring firms in the past two years - most recently itr purchased a majority stake in one of the south coast of England’s major estate and letting agency groups, Brand Vaughan, which manages more than 1,250 properties and sells more than £175m worth of property annually in Brighton and the surrounding area.