Lettings firm largest in Scotland after adding 2,000 Edinburgh-managed properties

Lettings firm DJ Alexander has further flexed its muscles north of the Border after sealing a deal that adds close to 2,000 properties to its portfolio.

The Edinburgh-based firm, which forms the Scottish hub of Lomond Group, has acquired Sandstone UK Property Management Solutions, trading as Sandstone Management. Sandstone was formerly known as Grant Property, founded by well-known Edinburgh property entrepreneur Peter Grant.

Lomond, which acquired DJ Alexander towards the tail end of 2021, has purchased close to 60 property businesses in just three years with total estate and lettings agency revenue now in excess of £100 million per annum and the number of properties under management exceeding 45,000.

Ed Phillips, chief executive of Lomond, said the group was set on growing to become the 'ultimate leader in property agency businesses in the UK'.

David Alexander, chief executive of DJ Alexander, said: “As we near 60 acquisitions as a group, this latest transaction is close to my heart as it complements our Scotland expansion in particular. Adding some 2,000 properties under management powers us to become a market leader north of the Border - and we’re not done yet.

“We are on a mission and have a strong appetite for further transactions and will always be on the lookout for high-quality businesses as we seek to scale and professionalise the sales and lettings sector further in the future.”

Financial details surrounding the latest deal have not been disclosed.

Ed Phillips, chief executive of Lomond, said: “As you can see from our relentless activity, we are set on growing to become the ultimate leader in property agency businesses in the UK and the largest acquirer. We have the resources and the team to do so at pace and no one else in the UK property sector matches our ambition or our capability.”

Grant, chief executive of Sandstone, added: “After 25 years building one of the region’s largest and most respected residential property management agencies, it’s time to move on to something else. I’m proud of what we’ve built and know that we hand it to the DJ Alexander and Lomond team in good shape for the next stage of Sandstone’s journey. It’s in great hands and I look forward to watching the business that I’ve loved evolve and grow further under its new management.”

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