finnCap Cavendish advises on sale of Qdime
finnCap Cavendish (“Cavendish”), part of financial advisory firm, finnCapGroup plc, is pleased to announce it has advised on the sale of Qdime Group, the UK market leading residential property management service business, to Cortland.
Cortland is a US multifamily real estate, investment and management firm. It owns and operates nearly 70,000 rental units in the US and has exported its proven resident-centric rental model to its UK build to rent, leasehold and other private rented sector operations. With this acquisition, Cortland will be in the top ten largest block management providers in the UK.
The acquisition will see Qdime founders, Nigel Burnand and Robert Burnand,stay on to join Cortland as managing director block operations and director block operations, respectively. All staff are expected to be retained as part of the transition.
Peter Gray, partner of finnCap Cavendish, led on the deal.
Peter Gray, partner at finnCap Cavendish commented: “This represents an excellent deal for both parties. Cortland brings significant expertise of the rental property management market and, having entered the UK market in 2017, will increase its portfolio and accelerate its plans to become the leading property management company in the country. The rental market in the UK is less established and less sophisticated than in the US, and therefore represents a major growth opportunity for all parties. Qdime’s founders/shareholders have realised a good outcome for the disposal of their business and are confident that it is now in excellent hands to move forward to the next stage.”
Nigel Burnand, Qdime managing director, said: “Cortland shares our core values and our customers focus, and their additional resources will help us accelerate our growth in the UK market.”
