Factoring and lettings agency Newton Property has acquired Greenhome Property Management.

The combination of the two Glasgow businesses will take the number of factored properties handled by Newton to 15,000 with 600 for let. It follows Newton’s recent merger with Aberdeen based Watt & Co.

It now has a board of five directors and a team of 25 property professionals who manage the factoring and letting needs of over £2 billion worth of residential properties throughout Scotland.

Managing director Stephen O’Neill, who founded the company in 2001,  said the acquisition takes Newton into the top five privately owned property factoring companies in Scotland.

“We are also delighted that all members of the Greenhome management staff will join the Newton team and will assist with a seamless transition for Greenhome’s clients,” he said.

“2015 is a great time for the property sector in Scotland and has been a particularly exciting year for Newton Property.

“The next stage in Newton’s development is to consolidate our growth, tuck in our new expanded portfolio and colleagues and to look forward to further growth in 2016 and beyond.”

Greenhome was acquired from land management group Greenbelt Holdings.

Alex Middleton, chief executive of Greenbelt, said: “Greenhome is all about customers and management. The acquisition by Newton provides an excellent fit and I am sure both the customers and the new merged management team will benefit from greater opportunity. I wish them all the best.”