Lomond has added further pace to its strategic expansion drive by securing another acquisition which adds enormous weight to its rental portfolio.
The agency group, which this month passed its 50th acquisition milestone within two years of launch, has bought the rental portfolio of Rendall & Rittner Sales & Letting.
The deal sees a proportion of the portfolio that spans the UK, transfer to Lomond Investment Management (LIM), the specialist investment management arm which spearheads the group’s Build-to-Rent, single family housing, and portfolio landlord services.
The remainder of the portfolio in Manchester, Liverpool and Chester will switch to Lomond’s long-established brand in that region, Thornley Groves.
The deal will now see Rendall & Rittner focus on its core block management specialism and its other property management services across the country.
Lucy Jones, chief operating officer for Lomond, who heads up LIM, said: “With a blend of local roots through our High Street brands, and national reach of our dedicated LIM team, this deal illustrates the strengths of the group.
“It also demonstrates how well positioned we are to take on a countrywide portfolio such as this, and integrate it into different parts of our business to ensure the individual needs of landlords are met.
“Whether they are landlords with a major national portfolio, or just one local property, we can tailor a solution.”
Jason Watkin, Lomond’s chief executive in the North West, said the deal propelled its rental portfolio in the region past the 7,000 milestone.
He said: “This acquisition further consolidates our market-leading position and footprint in a key rental heartland for us.
“The Manchester city centre skyline is being dominated by new-build units on an unprecedented scale– some 4,600 homes are being brought to life and due for completion this year.
“This presents a real window of opportunity for us to grow our portfolio organically throughout the rest of 2024, as well as delivering more pipeline acquisitions in the North West.”
