Cortland expands UK block management business with Qdime acquisition
US multifamily real estate, investment and management company Cortland has acquired Qdime Group, a UK-based, market-leading residential property management service business with more than 30,000 units under management.
The investment confirms Cortland in the top ten largest block management providers in the UK. Cortland, which owns and operates nearly 70,000 rental units in the US, has exported its proven resident-centric rental model to their UK build to rent, leasehold and other private rented sector operations – offering UK residents a better living experience and more housing options.
“Cortland recognises a major opportunity to elevate the UK rental experience,” says Steven DeFrancis, Cortland CEO. “That is why in 2019, when we entered the UK property management sector, we made a commitment to deliver our proven US resident-focused management expertise and services to UK 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.”
“This acquisition is a gamechanger for Cortland’s property management capabilities,” says Paul Wrights, President, Europe for Cortland. “Since entering the UK Property Management market in 2019, our aim has been to increase our national coverage as well as becoming a more sophisticated property manager. With Qdime, we will not only increase our portfolio and expertise of the UK market, but also accelerate our plans to become the leading property management company in the country.”
“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 UK market,” says Qdime Managing Director Nigel Burnand. “The UK 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.”
With employees across the UK and offices in Buckinghamshire, Bristol, Dorset, Hertfordshire, Kent, London and Wiltshire, Qdime Group offers a full suite of residential property solutions comprised of seven brands, including its largest revenue arm Hazelvine, a leading residential property management service.
Founders Nigel Burnand and Robert Burnand will stay on to join Cortland as Managing Director Block Operations and Director Block Operations, respectively. The company is also expected to retain all existing staff as the company transitions post acquisition.
Cortland entered the UK market in 2017 and has built a growing pipeline of BTR units through development and management. In 2019, as part of a strategy to diversify its UK operations, Cortland acquired LIV Group a specialist property and block management operator and consultancy firm. LIV Group manages an estimated 10,000 units in the UK.
Cortland houses an international development office in London, a property management office in Leeds, and has a 367-unit BTR development under construction in Watford, with backing from Homes England and Harrison Street set to open later this year. In the US, Cortland is headquartered in Atlanta, Georgia has regional offices in Charlotte, North Carolina; Dallas, Texas; Denver, Colorado; Houston, Texas; Orlando, Florida; and Tampa, Florida.