Scottish estate and letting agency DJ Alexander has acquired Sandstone UK Property Management Solutions Ltd which trades as Sandstone Management.
DJ Alexander is the Scottish arm of Lomond, which has purchased close to 60 property businesses in three years with total estate and lettings agency revenue surpassing £100 million per annum and the number of properties under management now exceeding 45,000.
The Sandstone purchase adds close to 2,000 properties under management to the DJ Alexander portfolio. Sandstone was formerly known as Grant Property, founded by Peter Grant in 1989.
David Alexander, CEO of DJ Alexander, said: “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.”
Ed Phillips, CEO of Lomond, added: “I’m delighted to welcome the teams at Sandstone as the latest addition to the Lomond family. As you can see from our relentless activity, we are set on growing to become the ultimate leader in property agency businesses in the UK and the largest acquirer.
“We have the resources and the team to do so at pace and no one else in the UK property sector matches our ambition or our capability.”
Peter Grant, CEO of Sandstone, commented: “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.”