Sussex-based letting specialist Brand Vaughan has bought the rental portfolio of Palms Properties, the onsite letting agency specialising in Brighton Marina.

It will retain Palms’ name, branding, team of staff and its waterfront offices in Palm Drive as part of the agreement.

It will see around 250 properties managed by Palms transfer into the Brand Vaughan portfolio. The acquired properties include a range of holiday and professional lets.

Its chief executive, Tom Ghibaldan, said: “This represents a bullseye acquisition for Brand Vaughan and adds an exciting dimension to our business. For 25 years, Palms has been the byword for the very best in Brighton waterside living.

“Brighton Marina is brimming with rental potential for the ever-growing number of people lured by its lifestyle, and it is a major step forward to have a dedicated presence there for the first time – one of four branches we now operate.”

He added: “This deal equips us with the best possible platform on which to build further at pace and scale, through both acquisition and organic growth.

“We are actively exploring other acquisition opportunities to expand our lettings footprint not just across our Brighton heartland, but also into neighbouring in-demand districts.

“That’s a clear signal of the confidence we have in investing in Sussex, and in the future of the private rented sector.”

Brand Vaughan – which merged with Cambridge Residential in 2015 – is part of the Lomond group of residential letting and sales agencies across England and Scotland.

Palms marks Brand Vaughan’s fourth acquisition since joining Lomond. and now employs a team of more than 60 people.

Its trio of other offices are based in Western Road, Hove; St George’s Road, in Kemp Town; and Preston Road, in Preston Village, Brighton.