Cortland Expands Portfolio With UK Firm Acquisition
Qdime Group comprises seven brands and manages more than 33,000 units across the U.K.
Image courtesy of Ryan Franco via Unsplash
Cortland has acquired U.K.-based property management firm Qdime. With the company’s more than 33,000 units managed, the acquisition will make Cortland one of the U.K.’s top 10 property managers.
Cortland entered the U.K. management and development market in 2017, with plans to provide more housing options for residents through build-to-rent, leasehold and other rental models.
In 2019, Cortland acquired property management company LIV Group, adding some 10,000 units to its U.K. footprint. Qdime Group consists of seven brands that operate across the U.K., in cities such as Buckinghamshire, Bristol, Dorset, Hertfordshire, Kent, London and Wiltshire. Qdime’s Hazelvine, a property management service, represents the company’s biggest revenue source.
Qdime founders Nigel Burnand and Robert Burnand will stay on as Cortland employees, filling the roles of managing director of Block Operations and director of Block Operations, respectively. Cortland plans to retain all existing Qdime staff, as well.
Market growth
Cortland currently has a 367-unit build-to-rent project underway in Watford, England that is expected to open in late 2021. The firm, which operates nearly 70,000 units in the U.S., has been expanding its market presence throughout 2021. The company manages close to 200 U.S. communities in several states, including Florida, Georgia, North Carolina and Arizona.
Last month the firm broke ground on Cortland ChampionsGate, a 355-unit, resort-style Orlando project. The development’s first units are expected to be delivered in the third quarter of 2022. The company recently took the No. 9 spot on our Fastest-Growing Multifamily Property Management Companies of 2021 ranking.
