Rendall & Rittner snaps up Braemar Estates to form management giant

Property management company Rendall & Rittner has snapped up residential management services firm Braemar Estates. 

 

London-based Rendall & Rittner — which has offices across the UK – agreed the deal after buying the entire share capital of the company from asset management firm Brooks

Macdonald Group. 

 

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.

 

Rendall & Rittner chief executive Duncan Rendall 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.” 

 

The disposal follows a recent a review of Braemar Estates and its sale will allow Brooks Macdonald Group to focus more closely on its core offerings.  A statement said that the deal would be completed by the end of the year, but it did not reveal the purchase price of the shares.