A Birmingham property firm has expanded its footprint in the city by acquiring a portfolio of sites from a rival business.
Principle Estate Management has bought out the lettings and block management portfolio previously run by Birmingham-based consultancy Pennycuick Collins.
The acquisition increases Principle's managed portfolio to 25,000 leasehold units and 600 lettings managed units.
Terms of the buyout were not disclosed.
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Principle's founder and joint managing director Brett Williams said: "This deal is particularly special to me as it brings my career full circle, having worked in this business earlier in my career.
"It's now a proud moment being able to integrate it into the business we've built here at Principle. The acquisition aligns with our mission to blend experienced people, smart systems and client-focused service.
"There is real talent in the team and we're excited about the opportunities to further enhance service quality with the structures we already have in place."
As part of the deal, Pennycuick Collins director Lucy Roberts has joined Principle as head of residential asset management.
Following the sale, Pennycuick Collins will focus exclusively on its core commercial property and building surveying services and has also relocated to a new home at 6 Brindleyplace.
Pennycuick Collins owners Adrian Roddick and Charles Gillett said in a joint statement: "We've been seeking the right home for this part of the business and we're confident we've found it in Principle.
"Our team is excited about the move and we know our residential clients will be in great hands."
Legal advisers on the deal were Wilkes Partnership and Realty Law.
