Property group poised for acquisitions
Lomond secures £37.5m for south coast expansion
Property group Lomond Capital has secured up to £37.5 million to back an acquisition spree across the South of England.
Clydesdale Bank will provide up to £25m while Tosca Debt Capital, a Manchester-based debt fund, will provide the balance.
Lomond has made 30 acquisitions since 2010 and manages residential properties worth in excess of £2.5 billion. The Edinburgh-based company sells more than £600m of property per annum.
It has appointed Bruce Evans as group managing director. He was previously managing director of Countrywide’s operations in London and South of England.
Stuart Pender, chief executive, said: “The outcome of the fundraising process will enable us to further expand our geographical footprint in the South Coast of England and London.”
The deal follows previous private equity backing from MML Capital Partners in 2014 to accelerate growth in the UK residential rental property sector.
The group will continue to expand in existing markets including Aberdeen, Manchester, Birmingham and Edinburgh.