Factoring firm Newton Property Management has completed the five-figure acquisition of Aberdeen rival Robertson & Associates.
The deal involves the transfer of 400 residential properties at 12 sites in the city centre and has increased Newton’s Aberdeen portfolio by 15% to more than 3000 units.
Glasgow-headquartered Newton, which aims to invest £1million in the north of Scotland over three years, expanded in the Highlands and Moray in 2018 when it bought Inverness firm Allied, Souter & Jaffrey.
Newton Aberdeen director Ross Watt said: “We took on one of Robertson & Associates' sites a few months ago and that prompted a conversation with the owner, who was looking to retire.
"The stock will certainly benefit from Newton’s approach to property management and we’ll be looking to make a range of improvements to the properties and the factoring service so the tenants will see some welcome changes following the acquisition.
“Our Inverness business has grown 20% since we acquired it in 2017 and we now look after properties as far north as Brora and as far south as Gretna, so we are focused on continuing to expand the business across Scotland through organic growth and additional acquisitions.”
Newton, which manages factoring for 23,000 properties across Scotland, sold its Aberdeen and central belt lettings division to Glasgow-based Even Property last year to focus entirely on factoring residential and commercial properties.
