Housing association Places for People has bought property management group Touchstone in a bid to expand a private rented portfolio.
Touchstone, which was bought for £15.9m, will continue to operate as a largely autonomous business within the Places for People, under its existing name and branding.
Places for People has been active in the private rented sector since 1999 when it set up its private rented sector subsidiary, Blueroom. It currently manages more than 3,100 properties for private rent across the UK.
David Cowans, chief executive of Places for People said: “We have long supported the growth of the private rented sector, alongside other housing options, and are delighted that we have been able to forge a strong relationship with Touchstone which will create opportunities to grow the private market rented sector as one of the major options available for people’s housing choices in the UK.”
annabel.dixon@estatesgazette.com
