US multifamily real estate, investment and management company – Cortland – has acquired Qdime Group, a UK-based, market-leading residential property management service business with over 30,000 units under management. The investment confirms Cortland in the top ten largest block management providers in the UK.
“This acquisition is a gamechanger for Cortland’s property management capabilities. 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.”Paul Wrights, President, Europe for Cortland
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. The company has employees based across the UK, with offices in Buckinghamshire, Bristol, Dorset, Hertfordshire, Kent, London and Wiltshire.
Founders of Qdime Group – 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.
“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.
“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.”Nigel Burnand, Managing Director, Qdime Group
Cortland owns and operates almost 70,000 rental units in the US. In 2017, the company entered the UK market, exporting its proven resident-centric rental model to their UK Build to Rent properties, leasehold and other private rented sector operations – offering UK residents a better living experience and more housing options. Cortland has continued to grow its Build to Rent pipeline through development and management.
As part of a strategy to diversify its UK operations, in 2019, Cortland acquired LIV Group – a specialist property and block management operator and consultancy firm. LIV Group manages around 10,000 units in the UK.
“Cortland recognises a major opportunity to elevate the UK rental experience. 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.”Steven DeFrancis, CEO, Cortland
Cortland houses an international development office in London and a property management office in Leeds. The company has a 367-unit Build to Rent development under construction in Watford, with backing from Homes England and Harrison Street. The scheme is set to open later this year.
In the US, Cortland is headquartered in Atlanta, Georgia and has regional offices in Charlotte, North Carolina; Dallas, Texas; Denver, Colorado; Houston, Texas; Orlando, Florida; and Tampa, Florida.