Newton Property Management has struck a deal to sell its North-east leasing division as it looks to ramp up growth in its factoring business.
The firm has finalised an agreement with Central Belt outfit Even Property which will acquire its residential leasing book. Some 100 properties will be moved across under the deal.
Newton, which has offices in Aberdeen, Glasgow and Inverness, manages factoring for about 23,000 properties across Scotland, which accounts for 78 per cent of the firm’s turnover, with leasing only a minor part of the business.
Newton Aberdeen director Ross Watt said: “We had a number of potential buyers for the north leasing division but we were specifically looking for the best option for our landlords and our tenants and Even Property clearly had a very similar business ethos and delivery of service to Newton.”
Even Property, which launched in Glasgow two years ago managing about 200 lets, has set up a new office in Aberdeen on the back of the deal.