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Cairn Group, headquartered in Glasgow, has acquired Rannoch Property estate agency in the city.
The purchase marks the latest stage of Cairn’s expansion strategy which aims to double its turnover and property portfolio within five years.
In recent years Cairn has bought JJM Properties in Glasgow, Grange Letting in Edinburgh, and Stephen McIntyre Letting in Portobello, all of which have since been rebranded to Cairn.
This latest acquisition means that Cairn now manages a portfolio of some 1,400 units, 200 of which are under HMO management, divided between Glasgow and Edinburgh.
David Rowand, managing director at Cairn Group, said: “We’re delighted to secure this latest acquisition and remain convinced that acquisition is the correct growth strategy to pursue given the present market dynamics.
“There are currently more landlords exiting than entering the market while the short-term lets licensing scheme, which is now mandatory for all short-term let accommodation across Scotland, has seen some former Airbnb properties return to longer-term letting.
“That said, we are convinced that there are many more opportunities for us to expand and, having secured funding, we are actively on the hunt to add to our property portfolio via further acquisitions.”
Cairn now employs a staff of 25 and aims to double its turnover to £3m and portfolio to 2,500 units under management within the next five years through its ongoing expansion strategy to acquire independent letting operators.
“We are an independent reactive operation with loyal staff. Over 60% have been with us for more than six years, something we are very proud of in today’s transient workforce. We pride ourselves on our ability to service our expanding property portfolio with well-versed staff ensuring a smooth transition for both tenant and landlords,” said Rowand.
“As such, while we presently concentrate on the central belt, the digitalisation of our operations means that we are now seeking to acquire more letting companies across Scotland,” he added.
Rannoch Property’s Greg Dykes commented: “With an increasing regulatory burden making the managing of overheads more challenging, we have taken the strategic decision to refocus our efforts and sell our letting operation in order to specialise in commercial sale and letting and are delighted to secure this deal with Cairn.”