Lomond has bought the rental portfolio of Rendall & Rittner Sales & Letting as it looks to bolster its investment management arm.

The nationwide group of residential lettings and sales agencies has acquired more than 50 businesses since its launch two years ago and this latest deal sees a proportion of the Rendall & Rittner portfolio transfer to Lomond Investment Management (LIM), its specialist investment management arm which offers build-to-rent, single family housing and portfolio landlord services.

THORNLY GROVES

The remainder of the portfolio in Manchester, Liverpool and Chester will switch to Lomond’s Thornley Groves brand in the North West. Rendall & Rittner will now focus on block management and other property management services across the country.

Lucy Jones, Lomond’s Chief Operating Officer and who heads up LIM, says: “With a blend of local roots through our High Street brands, and national reach of our dedicated LIM team, this deal illustrates the strengths of the group.

“It also demonstrates how well positioned we are to take on a countrywide portfolio such as this and integrate it into different parts of our business to ensure the individual needs of landlords are met.

“Whether they are landlords with a major national portfolio, or just one local property, we can tailor a solution.”

MILESTONE

Jason Watkin (main picture), Lomond’s Chief Executive in the North West, says the deal pushes Lomond’s rental portfolio in the region past the 7,000 milestone.

He adds: “This acquisition further consolidates our market-leading position and footprint in a key rental heartland for us.

“The Manchester city centre skyline is being dominated by new-build units on an unprecedented scale– some 4,600 homes are being brought to life and due for completion this year.

“This presents a real window of opportunity for us to grow our portfolio organically throughout the rest of 2024, as well as delivering more pipeline acquisitions in the North West.”