Lettings agency links with bank to fund move into Build To Rent

A Manchester lettings agency has teamed up with a bank to fund entry into the Build To Rent management sector. 

Two new directors from Gatehouse Bank will sit on the board of Ascend Properties, which will continue operating its own independent lettings agency under the leadership of founders David Giovanni and Ged McPartlin.

Ascend was established in 2014 and has since won a number of significant awards at both The ESTAS and AllAgents while also opening flagship branches in Manchester, Liverpool and Leeds.

Gatehouse Bank currently advises two Build to Rent funds, which cumulatively have provided over 1,600 family properties for rent in Greater Manchester, Merseyside and Warwickshire. 

The bank plans to further increase its support for the UK Build to Rent market with the launch of a third fund, with a target of reaching over 6,000 in the next two years.

“Both organisations have a challenger approach in their respective markets and we believe our investment will enable both brands to achieve our strategic objectives. Gatehouse is a pioneer in the Build to Rent market, ensuring that new, family homes are being built and playing our part in the supply of additional homes, which is vital for the UK housing market” says Gatehouse chief executive Charles Haresnape.

“The founders have built Ascend into a fantastic award-winning business and we see them leading Ascend as an independent business but with the support of additional properties to manage, as the Build to Rent sector continues to grow. I am confident that our new partnership will prove a big success for both parties” Haresnape continues.

Meanwhile Ascend chief executive David Giovanni says: “The team at Ascend has achieved a huge amount since we launched in 2014 and this success has resulted in our new partnership with Gatehouse Bank. We were impressed by Gatehouse Bank’s plans for further expansion in the UK housing market, as their plans very much fit with our strong growth ambitions.

“The investment in Ascend will enable us to expand our business much quicker than we had previously planned and we look forward to working with Charles and the leadership team at Gatehouse.”