GRANT Property is opening in Aberdeen with the intention of spending up to £20 million on houses over the next 12 months.

The property management and investment agency is looking for three and four-bedroom homes in and around the city centre to rent out.

Peter Grant, chief executive, believes there is a shortage of stock for students, young professionals and families in the city.

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He said: "Our intention is to buy traditional properties in city centre locations, and refurbish them to a high standard. That's what we've been doing in all the other major cities where we have a presence."

Mr Grant said he had decided to target Aberdeen after his own son began studying there.

He said: "It became very clear there was a vibrant economy and a shortage of student accommodation."

The funding for the buying spree is likely to come from investors, company cash and the bank.

Grant Property operates from several locations across the UK including Edinburgh, Dundee, Stirling, Glasgow, Manchester, Liverpool and Bristol.