An Aberdeen firm which manages 1,400 properties has been acquired by a city rival.
Newton Property Management has expanded its portfolio by acquiring the block factoring portfolio of Aberdeen Property Leasing (APL) .
Chief executive Vincent Goldie said acquiring the fellow Granite City business, for an undisclosed sum, had been “seamless”.
The deal means Newton, based on Albert Street, now factors more than 12,000 properties across the north of Scotland and 40,000 across Scotland.
Services ‘complement’ each other
It’s the second acquisition made by Newton in the space of three months.
Mr Goldie said: “Working with the team at APL was a breath of fresh air.
“A professional, hardworking, pragmatic team that made this transaction seamless for our staff and the new customers we have onboarded.
“We look forward to continuing our relationship with APL, utilising their other services to complement our own.”
Acquisition was ‘perfect timing’
APL, which was founded in 1992, said the deal will allow it to now focus on its core letting services, having just acquired a lettings portfolio themselves.
It offers a variety of property services such as lettings, maintenance and serviced apartments.
David Lamb, APL managing director, said: “With the retirement of our director Marjory Davison in charge of factoring, and the recent acquisition of a local firm’s lettings portfolio, the offer to work together with Newton was perfect timing.
“APL will concentrate on growing our letting portfolio to remain Aberdeen’s leading independent letting agency.”
One member of staff is transferring over to Newton as part of the deal.
It’s the second acquisition for Newton in just a few months after it expanded its portfolio taking on the property management division of Atholls Chartered Surveyors.
The deal saw 2,600 properties transfer across to Newton.
Mr Goldie said Newton was very keen to acquire Atholls and its property portfolio after seeing its stock.
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