Agency giant snaps up 2,000-property lettings portfolio

Fast-growing Lomond has acquired a rental portfolio of in excess of 2,000 units.

It has bought Tay Letting and its rental portfolio spanning Glasgow, Edinburgh and Dundee.

The homes will be managed by Lomond’s flagship brand in Scotland, DJ Alexander, and will transfer into its existing branches in Glasgow, Edinburgh and St Andrews.

Lomond – which acquired the entire Scottish lettings portfolio of Purplebricks last May – has now completed four strategic deals in Scotland in the past nine months.

DJ Alexander’s lettings portfolio in Scotland will now be over 10,000 properties while the total number of units under management of Lomond’s expanding UK network 42,500.

Lomond chief executive Ed Phillips says: “Tay Letting is one of Scotland’s premier letting and property management specialists. The properties share the same footprint as our existing network of offices.”

Lomond’s chief executive in Scotland, David Alexander, adds: “The DJ Alexander team looks forward to bringing our high-quality, personalised service and innovative approaches to a brand new group of clients.

“They will benefit from the unrivalled local knowledge and market insights that you would expect from a company that has been crowned as a Great Place to Work.

“We are determined to add further pace and scale to our growth journey in Scotland and are already exploring new acquisition opportunities.”

Tay Letting was founded in 2009.