Property management giant Rendall & Rittner has exchanged contracts with Brooks Macdonald Group to purchase the entire share capital of Braemar Estates, another provider of residential management services in the UK.
Speaking about the acquisition, Duncan Rendall, CEO of Rendall & Rittner, said: “We are very pleased to have reached agreement with Brooks Macdonald Group to purchase Braemar Estates. There is an excellent strategic fit between the businesses and we look forward to working with the experienced professional people at Braemar.
“This significant addition will strengthen our existing presence in the north-west and help to progress our ambition to be a leading provider of residential block management services on a national basis.
“We expect the purchase to enhance earnings immediately and we are very excited by the opportunities to grow the Braemar business that lie ahead.”
Braemar Estates manages a portfolio of 5,000 residential, commercial and mixed-use properties across Manchester, Liverpool, Leeds, Birmingham, Bristol and London, with a combined value in excess of £1.2bn.
This will be added to Rendall & Rittner’s portfolio of around 45,000 units across London and the south coast, the south-east, the midlands and Manchester.
The transaction is due to complete later this year, and Braemar Estates will continue with business as usual.
The price has not been disclosed.
God help those poor people who Rendall and Rittner will now be ‘managing’. You can expect 1) massive hikes in service charges every year 2) no service at all 3) they answer to the developers not to the residents, at all times. Useless, unprofessional, dim.
https://chelseabridgewharf.org.uk/
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