Cortland acquires LIV Group
US build-to-rent specialist Cortland has acquired property manager LIV Group.
Cortland said it will focus “entirely on UK expansion” and said the acquisition will accelerate its plans for growth.
Leeds-based LIV Group manages a portfolio of 2,000 homes, 1,445 of which are managed for large home providers including M&G and Platform_. It has a pipeline of 7,000 homes, which will be delivered by the end of 2021.
US build-to-rent specialist Cortland has acquired property manager LIV Group.
Cortland said it will focus “entirely on UK expansion” and said the acquisition will accelerate its plans for growth.
Leeds-based LIV Group manages a portfolio of 2,000 homes, 1,445 of which are managed for large home providers including M&G and Platform_. It has a pipeline of 7,000 homes, which will be delivered by the end of 2021.
The company also operates BTR advisory firm LIV Consult, and a block management business responsible for 8,000 homes. LIV founders Graham Bates and Helen Peace will remain at the company and LIV will continue its third party management platform while Cortland expands in the UK.
The move marks a big step for US-headquartered Cortland, which launched in the UK at the start of 2018 with the acquisition of Orion Land and Development. The developer has a goal to invest £4bn to deliver 10,000 homes in five years, but has yet to expand its portfolio.
Cortland chief executive Steven DeFrancis said: “LIV Group shares our passion for the resident and is built upon a deep expertise in property management with a unique understanding of brand and culture, so we felt an immediate kinship and saw a great opportunity to bring our resident-first rental experience to the UK, and our purchase of LIV will help accelerate that.”
Paul Wrights, Cortland’s president for Europe, added: “We are focused on growing all of LIV Group’s existing customer relationships, and our goal is that by combining our resources (Cortland and LIV), we can further elevate the superior customer experience that LIV has come to be known for in the build to rent industry. This is business as usual.”
LIV Group co-founder Graham Bates said: “With Cortland’s unrivalled US experience and backing, we can refine our best-in-class services and extend our offering across the country at a faster rate. We are thrilled for current and future LIV clients and residents to enjoy the benefits of this exciting partnership.”
Corltland was setup in 2005. The Atlanta-based operator manages 50,000 homes predominantly in the US, and last month expanded to Canada with the $1.2bn acquisition of Pure Multi-Family REIT.
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