Newton Property Management seals deal for North-east leasing arm

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.

Left to right: Steven Strachan from Even Property and Ross Watt from Newton Property Management. Picture: Contributed

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.

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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.