THE lettings book of one of the Aberdeen’s oldest property and law companies has been snapped up by Stonehouse Lettings for an undisclosed sum.
Stonehouse Lettings has bought the portfolio of rental homes formerly managed by Burnett & Reid, the 267-year-old Aberdeen city centre law firm and land management business.
The deal sees approaching 200 homes transfer between Stonehouse’s central Aberdeen branch based in Carden Place, and its office at Kemnay.
The additional properties from Burnett & Reid brings its total managed property portfolio throughout Aberdeen and neighbouring districts to approximately 1700.
Four lettings staff from Burnett & Reid – spearheaded by leasing manager Nicky Webster – will also join the Stonehouse team.
Andrew Seldon, Stonehouse chief executive officer, said: “This deal does not just mark the next chapter in what is very much a home-grown Aberdeen success story.
“This acquisition is a perfect strategic and geographical fit for us. It is a great people fit too, as we inherit a team brimming with the same local knowledge, industry insight and high customer service standards on which we pride ourselves.
“It also equips us with the best possible platform on which to build further at pace and scale, through both acquisition and organic growth.
“We are actively exploring other acquisition opportunities to expand our lettings footprint not just across our Aberdeen heartland, but also into neighbouring in-demand districts.”
Stonehouse is part of the Lomond group of residential letting and sales agencies across England and Scotland, and is the sister agency of fellow Scottish chain Braemore, which operates out of Edinburgh and St Andrews.