Scottish firm has offer accepted for John Shepherd Lettings – corrected story
BIRMINGHAM-based John Shepherd Lettings has been bought by Scottish property management company Lomond Capital for an undisclosed sum.
CORRECTION: Our earlier report suggested that it was the John Shepherd estate agency which had been bought. This is not the case; that agency is not linked to John Shepherd Lettings nor Marwood Homes.
We would like to apologise for any inconvenience caused by the confusion.
The deal sees Lomond take on both the John Shepherd Lettings and Marwood Homes brands across four branches in the city.
Its portfolio is estimated to be worth £250m.
The takeover of John Shepherd Lettings gives Edinburgh-based Lomond Capital a significant foothold in Birmingham, adding 1,050 managed properties to its empire.
It already had 50 properties within its investment portfolio in Birmingham.
Lomond is now responsible for managing a residential property portfolio of 8,700 properties worth £1.8bn across four UK cities.
It is the 22nd deal undertaken by Lomond in four years, and follows the recent announcement of a funding injection from private equity firm MML Capital.
Stuart Pender, chief executive of Lomond Capital, said: “Birmingham has a very attractive property market and has been a key target for Lomond Capital for some time.
“We have been looking for a high quality, ambitious firm with a strong brand to act as the ‘hub’ of our growth strategy in Birmingham and have found it in John Shepherd Lettings.”