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Newton snaps up rival Robertson
Posted on Wednesday, 25 March 2020 13:25
Newton Property Management has acquired UK-based property consultancy Robertson & Associates for an undisclosed sum.
The deal includes the transfer of 400 residential properties at 12 sites in Aberdeen, which will increase the buyer’s portfolio by 15.0 per cent to more than 3,000 units,
Robertson focuses on the management and maintenance of residential, commercial and industrial structures throughout the city.
The group provides full factoring services, flatted developments and block building insurance for customers,
According to Newton, the transaction is in line with its strategy to invest GBP 1.00 million into the north of Scotland over the next three years.
The group reportedly sold its lettings division in Aberdeen and the Central Belt in 2019 in order to focus exclusively on the factoring management of residential and commercial properties.
Ross Watt, the director of Newton Aberdeen, said the transaction was initiated after buying one of Robertson’s sites a few months earlier.
He added: “The stock will certainly benefit from Newton’s approach to property management and we’ll be looking to make a range of improvements to the properties and the factoring service so the tenants will see some welcome changes following the acquisition.”
Watt noted the company will focus on expanding its business across Scotland via organic growth and additional takeovers.
Established in 2001, Newton provides block insurance policies, title deeds advice and factoring services for developers and homeowners throughout the country.
The group also focuses on maintaining and repairing neglected or damaged granite tenement buildings.
According to Zephyr, the M&A database published by Bureau van Dijk, there were 1,257 deals targeting residential property managers announced worldwide in 2019.
In the largest of these, US-based INDURE Build-to-Core Fund raised USD 1.35 billion through a funding round,
This was followed by Vonovia, via HomeStar InvestCo, acquiring a 61.2 per cent stake in Hembla for SEK 12.22 billion (EUR 1.11 billion).
© Zephus Ltd