Since Lomond launched in late 2010 it has established itself as the leader in the Edinburgh, Aberdeen and Manchester lettings markets by acquiring more than twenty businesses. It currently has approximately 7,500 properties under management and has in excess of £1.6bn of assets under management.
Lomond’s strategy is to acquire and grow high quality regional property asset management businesses in specific locations, then to provide additional services to help landlords maximise returns from their investment in the private rental sector.
Stuart Pender, Chief Executive of Lomond, said:
“The residential property market offers great investment potential for both private and institutional investors. Our objective is to consolidate the best asset managers in the sector to provide a market leading asset management solution across the UK. The deal with MML allows us to accelerate our growth in this expanding market and we are excited about the opportunities that working with MML will bring to the business. MML has a strong track record in funding ‘buy and build’ businesses and we look forward to working together to expand our business further especially south of the border.”
Ian Wallis, Managing Partner of MML UK adds:
“We are very impressed by the management team at Lomond and their success to date. We also consider there to be significant growth potential in the UK Private Rental Sector. We are therefore delighted to have the opportunity to back Stuart Pender and the team at Lomond to accelerate their growth plans in this exciting sector and look forward to working with them to deliver their expansion plan.”
Ian Wallis, Luke Jones and Edward Baker led the deal for MML.