Edinburgh-based chartered surveyor and estate agent Ballantynes has acquired local property management firm Capital Lettings.
The deal, done for an undisclosed sum last week, means Capital will transfer all its entities and team to Ballantynes Property Group. Staff have relocated to Ballantynes' existing West End office at 30 Stafford Street in Edinburgh.
David Smith, who founded Capital Lettings, announced he was retiring as part of the transaction.
“After 22 very happy years managing Capital Lettings it is with a tinge of sadness that I will be hanging up my keys.
“This sale has been a long time in the making and knowing that the hard work and attention I have put into the business is shared by Rory and his team means I am happy to hand over to Ballantynes and delighted that my clients will be looked after as they have been under myself and my team.”
The acquisition will expand Ballantynes' rental portfolio, as well as improve its service offering within development land sales, valuation, new and established home sales, and lettings.
Rory Ballantyne, managing director at Ballantynes, said: “We continue to target opportunities that will grow our business whilst working with companies that align themselves with our values.
“Capital is a well-known and highly respected lettings company founded by David over 22 years ago - we are excited to have his team join ours and continue to deliver the high level of service the landlords and tenants have enjoyed under David’s management.”
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