GLASGOW-BASED Newton Lettings has said it has taken the first step in an expansion push with the purchase of Kite Lettings, also based in the city.
Kite Lettings, set up three years ago, has a portfolio of 45 properties owned by over 13 clients, all based in the city centre and West End.
Riccardo Giovanacci, managing director, acquired Newton Lettings, the lettings arm of his family’s long-established business, Newton Property Management, which continues to trade successfully, in April this year.
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He said: “This acquisition is right for our business and comes at the right time.
“When the opportunity came up to purchase Kite with cash reserves, I felt it was the smart move to reinvest some of our profits in continuing to grow our portfolio.
“Our business is already strong in Glasgow, so the properties that are moving over to us will give us increased geographical presence.”
He said that after the transaction “the priority is to reassure our new landlord clients that we will ensure they will continue to receive the high-quality service they have enjoyed in the past”.
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Mr Giovanacci said that his business this year has seen an increase in inquiries for tenants which has helped boost prices.
He said: “We have had an excellent start to the year, with business growing organically by around 10 per cent.
“We are looking to increase that year on year and with the Kite lettings business added, our portfolio will increase to almost 600 units let and managed on behalf of around 370 landlords.”
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