Lomond snaps up 2,000-unit lettings book

The major Scottish agency in the Lomond Group empire - DJ Alexander - has snapped up Sandstone Management and its lettings book of some 2,000 properties.

DJ Alexander is the Scottish hub of Lomond, which has purchased close to 60 property businesses in just three years with total estate and lettings agency revenue now in excess of £100m per annum and the number of properties under management now exceeding 45,000.

David Alexander, chief executive of DJ Alexander, says: “As we near 60 acquisitions as a group, this latest transaction is close to my heart as it complements our Scotland expansion in particular. Adding some 2000 properties under management powers us to become a market leader north of the border - and we’re not done yet.

“We are on a mission and have a strong appetite for further transactions and will always be on the lookout for high-quality businesses as we seek to scale and professionalise the sales and lettings sector further in the future.”

Sandstone’s chief executive Peter Grant adds:  “After 25 years building one of the region’s largest and most respected residential property management agencies, it’s time to move on to something else. I’m proud of what we’ve built and know that we hand it to the DJ Alexander and Lomond team in good shape for the next stage of Sandstone’s journey. It’s in great hands and I look forward to watching the business that I’ve loved evolve and grow further under its new management.”