Aberdeen Residential Leasing company, Stonehouse Lettings, has purchased the residential leasing business of legal firm Raeburn Christie Clark & Wallace (RCCW).
The deal adds 300 properties with an asset value of approximately £45 million to the Stonehouse portfolio, bringing the total number of properties it manages locally to 2,300.
The deal is Stonehouse’s seventh acquisition since merging with Simpson Brebner in 2013, during which time it has more than doubled the number of properties under management in Aberdeenshire.
Parent company Lomond Capital now has assets worth £500 million under management in the region.
The acquisition sees Stonehouse increasing activity through its offices in Aberdeen City Centre as well as in Kemnay and Ellon. A total of nine RCCW leasing employees have joined the Stonehouse team, bringing the size of the team to over 50.
A strategic alliance between the two firms will see Stonehouse continuing to specialise on residential leasing and RCCW on property sales and purchases. RCCW legal and property sales and purchase services will be available to all Stonehouse clients, as will Stonehouse leasing services be available to all RCCW clients, allowing both sets of clients to enjoy the benefits of specialist providers in each area.
Lisa Brebner, Managing Director of Stonehouse said: “We have admired RCCW and its residential leasing business for some time and I am delighted to now be welcoming the leasing team to Stonehouse. The RCCW clients are used to high standards of service and we look forward to working with them to make the most of their property assets. The combination of Stonehouse and RCCW is a powerful one and a strong statement of our commitment to the Aberdeen market.”
Ian Lawson, Chief Executive (Scotland) for Lomond Capital, said: “This is a great story of investment, growth and opportunity in Aberdeen. We believe strongly in the region and with our residential expertise in leasing we look forward to continuing to invest and offer new and exciting products and services to our existing and new clients.”
Keith Allan, Managing Partner at RCCW, added: “We have watched Stonehouse grow over the past few years and have been impressed at what it has achieved. Stonehouse was the best choice to take the former RCCW leasing business forward and continue its growth. I know the entire RCCW Residential Leasing team will relish the new opportunities that working with Stonehouse will bring. The Strategic Alliance allows us to concentrate on legal and property sales and purchase business where we continue to grow and offer outstanding service whilst safe in the knowledge our clients with leasing portfolios are in safe hands.”