Rettie & Co, one of Scotland’s best-known property agencies, has acquired a 100-strong portfolio of residential properties in Edinburgh’s city centre as part of its strategy to grow its lettings division.
The firm is buying the homes from Crichton-Stuart Management, which was founded by Jane Crichton-Stuart in 1989, and the portfolio includes several “house in multiple occupation” flats in prime student areas, including flats with three to four bedrooms in Marchmont.
Rettie & Co MD Simon Rettie said: “Acquiring the portfolio of Crichton-Stuart Management, one of Edinburgh’s most well-established residential property businesses, forms part of our growth strategy for the lettings side of the business.”
Overall, Rettie & Co now has about £1 billion of residential assets under management, a division run by Karen Turner, director of lettings, who joined the firm last year following an extensive career advising both private clients and larger portfolios for corporate investors.
She said: “The Crichton-Stuart Management portfolio is an excellent fit with the existing Rettie & Co portfolio and builds on the holistic asset-management approach of the firm. Looking at Edinburgh specifically, the city reached record rental levels in 2018 so we see this as an optimum growth opportunity.”
In December, Rettie & Co forecast a relatively positive Scottish housing market this year, predicting 1.5 per cent capital growth underpinned by fundamentals including demand, demographic pressure and economic outlook. The firm’s research unit is forecasting growth of around 5 per cent in Edinburgh’s rental market this year.
Rettie & Co was founded in 1993 and now has more than 130 staff across nine offices.