Property group Lomond Capital has continued with its expansion drive south of the Border after snapping up a residential lettings portfolio in Birmingham.
The Edinburgh-headquartered group has taken on SDL Group’s portfolio, which comprises 500 city centre properties, formerly the CP Bigwood residential lettings portfolio.
The move marks the first city centre acquisition since Lomond Capital’s regional brand, John Shepherd, moved to its new offices last year and cements its strong position in the Birmingham residential market, while also boosting the size of the team to 75 as seven SDL employees come on board.
The latest deal follows the acquisition of Wolf’s in May 2017, which saw John Shepherd extend its reach to Harborne, and is the fourth acquisition since Lomond Capital merged with John Shepherd in 2014. Lomond’s Birmingham offering under the John Shepherd brand also includes Marwood Homes and John Shepherd Estate Agents and Lettings.
Bruce Evans, chief executive of John Shepherd’s parent company, Lomond Capital, said: “John Shepherd’s strength and depth mean it is already the number one lettings and estate agency brand in Birmingham.
“As such, we are seeing more opportunities come through our doors such as the high profile Princes Gate development which is due to be launched by John Shepherd New Homes. However, we are not resting on our laurels and are continuing to grow organically and through acquisitions such as this.”
Richard Crathorne, joint chief executive of John Shepherd Lettings and Estate Agents, added: “This is a fantastic portfolio of city centre properties and we are committed to providing ongoing quality, professional management services to its landlords and investors.
“That will be made all the easier with the great team from SDL who will be joining our ranks ensuring consistency and insight into the management of these properties.”
The value of the takeover has not been disclosed.
Lomond Capital was set up in 2010 by Stuart Pender and Roger Lane-Smith. It now manages residential properties worth in excess of £2.6 billion, sells more than £600 million worth of property per annum and employs some 365 staff.
The group currently has businesses in Aberdeen, Birmingham, Edinburgh, St Andrews, Manchester and Brighton and is planning further investments across the country.
In December, Lomond Capital unveiled its second acquisition inside two weeks with the purchase of a south Manchester sales and lettings agent as it gears up to enter the London market.
The firm said snapping up Hallmark Residential saw it further its consolidation strategy. The deal followed the purchase of Tanat-Jones & Company in Brighton and Hove.
In November, Lomond unveiled a management shake-up. which led to co-founder and chief executive Pender moving to an executive chairman role. His position was taken by Evans, who had been appointed managing director in 2017.
The group raised £37.5m last year to fund its expansion.