Private investment firm Hawthorn Capital has acquired block management, residential and student lettings specialist Xenia Property Group for an undisclosed price.
The group, which comprises Xenia Estates, Xenia Students and Xenia Lettings, manages a portfolio of more than 4,000 units.
Xenia’s leadership team of Farrah McWilliam and Michael Willans will continue to oversee day-to-day operations, with Hawthorn founder Will Bainbridge and fellow Hawthorn director Chanil Patel joining Xenia’s board.
Bainbridge said: “The UK property services market is large, highly fragmented and undergoing significant change. Increasing regulation, rising customer expectations and technology requirements are strengthening the case for scale and professionalisation, creating an extremely compelling long-term consolidation opportunity.
“We believe there is significant scope to build businesses of scale by combining strong existing operators with long-term capital and institutional-quality systems and operating capabilities. Xenia provides us with an established platform across several areas of the market, with a meaningful geographic presence, an experienced team and a broad customer base.
“A key part of our strategy involves using technology, automation and data to reduce administrative complexity, improve productivity and enable teams to spend more time on higher-value customer work. We are already working closely with the Xenia management team to strengthen the group’s systems, infrastructure and operating capabilities while investing behind growth.”
He added: “There is substantial opportunity within Xenia itself, but we also see it as a strong platform for further consolidation. Hawthorn is actively evaluating complementary acquisitions across block management, property management and adjacent real estate services throughout the UK. We have a particular interest in established businesses with strong customer relationships, capable management teams and owners looking for a long-term home for what they have built.”
Blick Rothenberg and Gunnercooke advised Hawthorn on the acquisition.
