Online property firm bolsters rental portfolio with acquisition
Mon, 10 Jun 2024 | BUSINESS SALE
Property services firm lettingaproperty.com has expanded its rental portfolio with the acquisition of a property technology company. The firm has acquired Mashroom's portfolio of rent collection and management properties.
The Warwickshire-based company has confirmed the integration of the portfolio under its brand, with the deal increasing its assets under management to more than 1,800 UK properties. The acquisition also takes its rental book to more than £29 million per annum, with clients spanning first-time, portfolio and build-to-rent landlords.
Lettingaproperty.com has been operating since 2008, providing property management, tenant sourcing and rent collection services. The firm is known for the support provided by its property experts, as well as its landlord dashboard. Mashroom was previously known for property management and rent collection services, but has pivoted to focus on providing mortgage and letting agents with targeted leads.
Lettingaproperty.com CEO Jonathan Daines commented: “We are delighted to welcome Mashroom’s landlords and tenants to the lettingaproperty.com family. The swift and smooth migration underscores our commitment to delivering exceptional service and technological innovation. Our enhanced landlord dashboard will provide Mashroom’s clients with unparalleled convenience and efficiency in managing their properties.”
Mashroom CEO Adam Male added: “The deal to integrate our existing rent collection landlords into lettingaproperty.com’s service, marks the beginning of an exciting new chapter for Mashroom. By pivoting to provide targeted leads for letting agents and mortgage brokers, we are able to focus on what we do best – leveraging technology to connect the right people and create opportunities for growth within the property rental market.”
Following the acquisition, lettingaproperty.com said that it is continuing to target similar opportunities and would be open to discussions over additional M&A deals to further bolster its market reach and service offerings.
Find out more about the growing levels of M&A activity in the UK's estate agent market
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