U.S. real estate investment and management company Cortland announced has acquired Qdime Group, a U.K.-based residential based property manager with over 30,000 units under management.
With this acquisition, Cortland has quadrupled its overseas portfolio, on top of nearly 70,000 rental units owned and operated in the U.S. The company is now among the top 10 largest management providers in the U.K.
Cortland intends to apply its “resident-centric” rental model across all of its properties, including U.K. build-to-rent, leasehold, and other operations. “Cortland recognizes a major opportunity to elevate the U.K. rental experience,” says Steven DeFrancis, CEO of Cortland. “That is why in 2019, when we entered the U.K. property management sector, we made a commitment to deliver our proven U.S. resident-focused management expertise and services to U.K. residents. 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.”
Qdime Group operates under seven management brands, including its revenue leader Hazelvine, and has offices in Buckinghamshire, Bristol, Dorset, Hertfordshire, Kent, London and Wiltshire. The company’s founders, Nigel Burnand and Robert Burnand, will join Cortland as managing director of block operators and director of block operations, respectively. Qdime is expected to retain all staff during the transition.
“We are excited to be part of the Cortland family and the opportunities this deal presents. Cortland shares our core values and customer focus, and their additional resources will help us accelerate our growth in the U.K. market,” says Nigel Burnand, Qdime managing director. “The U.K. property management industry is set to undergo significant changes with new statutory regulation on the horizon; our aim is to leverage Cortland’s expertise and new resources to set the benchmark for a resident-centric living standard in the private rented sector.”
Cortland entered the U.K. rental market in 2017 and in 2019 acquired LIV Group, which manages an estimated 10,000 U.K. units. The company operates an international development office in London and a property management office in Leeds, and is under construction on a 367-unit build-to-rent community in Watford.
