US firm acquires property management company in the UK

US investment company Cortland has acquired Qdime Group, a UK-based property management service business with more than 30,000 units under management, for undisclosed financial terms.

The investment forms part of Cortland’s bid to increase its presence in the UK build-to-rent sector and other private rented sector operations.

“Cortland recognises a major opportunity to elevate the UK rental experience,” said Steven DeFrancis, Cortland CEO. “That is why in 2019, when we entered the UK property management sector, we made a commitment to deliver our proven US resident-focused management expertise and services to UK residents.”

He added: “With the acquisition of Qdime, we will be able to expand our services and footprint across the country, accelerate our operations, and enhance the living experience for more residents.”

With employees across the UK and offices in Buckinghamshire, Bristol, Dorset, Hertfordshire, Kent, London and Wiltshire, Qdime Group offers a full suite of residential property solutions comprised of seven brands, including its largest revenue arm Hazelvine, a well-established residential property management service.

Founders Nigel Burnand and Robert Burnand will stay on to join Cortland as managing director block operations and director block Operations, respectively. The company is also expected to retain all existing staff as the company transitions post acquisition.

“This acquisition is a gamechanger for Cortland’s property management capabilities,” said Paul Wrights, president, Europe for Cortland. “Since entering the UK Property Management market in 2019, our aim has been to increase our national coverage as well as becoming a more sophisticated property manager. With Qdime, we will not only increase our portfolio and expertise of the UK market, but also accelerate our plans to become the leading property management company in the country.”

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