Newton Property Management has sold its north-east leasing division for £70,000 to focus on its factoring business.
Central belt firm Even Property will take on its residential leasing book involving around 100 properties.
Newton has also sold its letting book in the central belt to an unnamed buyer.
Newton, which has offices in Aberdeen, Inverness and Glasgow, manages factoring for 23,000 properties across Scotland, accounting for 78% of the firm’s turnover.
Its staff of around 60, including seven in Aberdeen, will now focus on growing the factoring book and none will be affected by the sale.
Newton Aberdeen director Ross Watt said: “We had a number of potential buyers for the north leasing division but we were specifically looking for the best option for our landlords and our tenants and Even Property clearly had a very similar business ethos and delivery of service to Newton, therefore it was the perfect fit.
“We still manage commercial lettings in the Highlands but our main motivation is factoring, so the deal will allow us to utilise our resources as we begin to look into acquisitions in the factoring market to continue growing the business across the whole of Scotland.”
Even Property, which launched in Glasgow two years ago managing around 200 lets, has set up a new office in Aberdeen’s Queen’s Road.
Managing director Steven Strachan, who is originally from Aberdeenshire, founded the business following a career in joinery and property development and has a team of six.
He added: “Securing Newton’s north letting business has given us a strong starting position in Aberdeen as we look to grow here and in Glasgow in the coming months, with further acquisitions in the pipeline for both cities.
“With my trade background, Even Property has a diverse knowledge which ensures we can fully support our tenants and landlords and the entire team is qualified, registered letting agents.
“This allows us to continue offering the same service to Newton clients ensuring a smooth transition across.”
Watt will support Even Property on a consultancy basis for the next six months as the clients and business are transferred.
