US BTR developer buys block manager
US build-to-rent developer Cortland has bought block management company Qdime to expand its operations in the UK.
Qdime has 10 subsidiary companies, spanning property investment, professional and legal services and property management, looking after a portfolio of 33,000 homes.
Buckinghamshire-based Qdime was established in 2010 by founding directors Nigel Burnand and Robert Burnand, and has grown through a number of acquisitions, including property management businesses Hazelvine, Castleford and Qadrant.
US build-to-rent developer Cortland has bought block management company Qdime to expand its operations in the UK.
Qdime has 10 subsidiary companies, spanning property investment, professional and legal services and property management, looking after a portfolio of 33,000 homes.
Buckinghamshire-based Qdime was established in 2010 by founding directors Nigel Burnand and Robert Burnand, and has grown through a number of acquisitions, including property management businesses Hazelvine, Castleford and Qadrant.
At the end of 2020, the group reported net assets of £24.8m, including £20.8m in investment property. Qdime reported £11.2m in annual turnover and pre-tax profit of £3.8m, both rising year-on-year. In 2020 it reported 164 employees.
Cortland entered the UK in 2017 buying Orion Land and Development and its debut Cassiobridge scheme in Watford (pictured). It later bought Liv Group, which operates from Leeds and looks after 10,000 homes.
Nigel Burnand and Robert Burnand will join Cortland as managing director for block operations and director of block operations, respectively. The company is also expected to retain all other staff, transitioning them to Cortland.
In the US, Cortland has 70,000 homes. The company previously said it aimed to develop a £4bn portfolio of 10,000 homes in the UK. Following the Liv Group deal, Cortland’s president for Europe, Paul Wrights, told EG the company aimed to grow the third-party business to around 20,000 homes.
Wrights said: “This acquisition is a game-changer for Cortland’s property management capabilities.”
Steven DeFrancis, chief executive at Cortland, added: “With the acquisition of Qdime, we will be able to expand our services and footprint across the country, accelerate our operations and enhance the living experience for more residents.”
Image courtesy of Cortland
