Property management specialist snapped up by US firm
Leeds-headquartered Build to Rent specialist LIV Group has been acquired by an American real estate, investment and management business.
The buyer, Atlanta-based Cortland, explained it made the deal as part of its commitment to invest around £4bn in the UK Build to Rent (BTR) market and to grow a portfolio of at least 10,000 professionally managed homes.
LIV Group, which employs about 120 people, operates 14 separate communities in the UK and Ireland with more than 2,000 BTR apartments. It also has around 7,000 more units in the pipeline for management, which will be delivered by the end of 2021.
The business operates a specialist consultancy, LIV Consult, which provides advice on design, life-cycle, viability and operations for major BTR developments throughout the UK and Ireland, including consulting on over 2,000 units in Dublin.
Cortland’s acquisition includes LIV’s dedicated residential block management business, which provides management services to around 8,000 leasehold properties from smaller suburban blocks to flagship city centre buildings.
Graham Bates, CEO of LIV Group
LIV Group co-founder, Graham Bates, said: “As the leading management platform for BTR, we are at the forefront of the revolution to change the private rented market into a professional, fit-for-purpose customer-driven service, where residents feel their needs are taken seriously.
“With Cortland’s unrivalled US experience and backing, we can refine our best-in-class services and extend our offering across the country at a faster rate. We are thrilled for current and future LIV clients and residents to enjoy the benefits of this exciting partnership.”
Cortland CEO, Steven DeFrancis, said: “At Cortland, we believe that everything stems from our commitment to placing the resident at the centre of our business decisions.
“LIV Group shares our passion for the resident and is built upon a deep expertise in property management with a unique understanding of brand and culture. So we felt an immediate kinship and saw a great opportunity to bring our resident-first rental experience to the UK, and our purchase of LIV will help accelerate that.”
Cortland, which owns over 55,000 rental apartments in 18 cities across the United States, opened its UK office in 2017.
Bates and fellow LIV founder Helen Peace are to stay with the business where they will continue to be stakeholders.
