Rapidly expanding property group, Lomond Capital, has announced its second acquisition in two weeks demonstrating its continued strength in the UK Private Rental Sector (PRS).
The acquisition of South Manchester sales and lettings agent, Hallmark Residential, sees Lomond continue its consolidation strategy. The deal brings the value of properties under Lomond’s management to £2.7billion. Its strength in the North West under the Thornley Groves brand, is underlined with 3,000 properties now under its management.
This deal follows the purchase of Tanat-Jones & Company in Brighton and Hove as Lomond simultaneously continues its expansion in the South and plans its imminent entry into the London market.
Bruce Evans, CEO of Lomond Capital, said: “We’re finishing off 2017 with two great deals that strengthen our position in two key regions – the South as we look to the London market, and the North West where Hallmark Residential marks our seventh acquisition.
“Bringing Hallmark Residential into our fold enhances our position in this important market. We continue to look for quality business in key regions around the UK and are looking to push into new markets which could dramatically change the value of our portfolio. Indeed, we aim to sell over £1 billion worth of properties next year in addition to building our portfolio to over £4billion.”
Lomond Capital secured £37.5 million in acquisition funding earlier this year and is now building its presence in the South of England. It is in the latter stages of negotiations to enter the London lettings and sales markets for the first time with further deals planned across the UK. The group also recently restructured its senior management with the appointment of banking stalwart Pete Flockhart as Chief Financial Officer and promotion of Bruce Evans to Chief Executive.