Gatehouse Bank invests in Manchester lettings agency
Gatehouse Bank, a London-based Shariah-compliant bank, has established a new partnership with Ascend Properties, the Manchester-based estate and lettings agency.
The new relationship will see Ascend working with the bank to extend its reach into the build to rent sector, following a significant investment from Gatehouse into the award-winning agency.
The bank’s investment will enable Ascend to accelerate its ambitious growth plans, with the property agency continuing to be run independently under the leadership of founders David Giovanni and Ged McPartlin.
Ascend was established in 2014 with the belief that letting agents could do a lot more to support both landlords and clients.
The agency has since won a number of significant awards at both The ESTAs and AllAgents while also opening flagship branches in Manchester, Liverpool and Leeds.
Gatehouse Bank currently advises two build to rent funds, which cumulatively have provided more than 1,600 family properties for rent in Greater Manchester, Merseyside and Warwickshire.
The bank plans to further increase its support for the UK build to rent market with the launch of a third fund. The bank expects an increase in the number of properties managed in these funds to reach more than 6,000 in the next two years.
Under the new partnership Charles Haresnape, chief executive, and Paul Stockwell, chief commercial officer at Gatehouse Bank, have joined Ascend’s board as non-executive directors.
Charles Haresnape said: “We are delighted to have agreed our new partnership with Ascend. Both organisations have a challenger approach in their respective markets and we believe our investment will enable both brands to achieve our strategic objectives.
“Gatehouse is a pioneer in the build to rent market, ensuring that new, family homes are being built and playing our part in the supply of additional homes, which is vital for the UK housing market.
“The founders have built Ascend into a fantastic award-winning business and we see them leading Ascend as an independent business but with the support of additional properties to manage, as the build to rent sector continues to grow.
“I am confident that our new partnership will prove a big success for both parties.”
David Giovanni, chief executive at Ascend Properties, said: “The team at Ascend has achieved a huge amount since we launched in 2014 and this success has resulted in our new partnership with Gatehouse Bank.
“We were impressed by Gatehouse Bank’s plans for further expansion in the UK housing market, as their plans very much fit with our strong growth ambitions.
“The investment in Ascend will enable us to expand our business much quicker than we had previously planned and we look forward to working with Charles and the leadership team at Gatehouse.”