Scottish property firm DJ Alexander has secured £7m in funding from Santander UK.
The growth capital package will be used to launch its online property business, Apropos, which it says will be the “first full service online landlord and tenant management system of scale”.
Apropos aims to be a fully integrated online property management portal, which will extend the reach of regional residential property letting business across the UK. It will be the first of its scale to launch, and is set to begin operating in January 2020.
Its development has taken three years to complete, and has so far been funded by existing profits from the firm. Funds from the new package will ensure that the programme can be rolled out across the UK over the next three years.
Richard Mathison, structured finance director Santander UK, said: “We have been working with DJ Alexander over the past 10 months to understand their growth plans and to deepen our knowledge of their business and the opportunities available with the launch of the new online platform, Apropos.
“During this time, we have been extremely impressed by their management team and their vision for a future lettings environment by creating a transparent digital platform benefiting both landlords and tenants alike.”
He added: “We look forward to supporting the business and its future ambitions.”
David Alexander, joint managing director of Apropos by DJ Alexander, said: “With this funding package from Santander we will launch our property management platform Apropos in January and roll out the service across the UK.
“We have already reached our target of 25 signed up business partners who will represent the firm in different areas. We now cover 70% of Greater London along with 45% of the rest of the UK including Manchester, Liverpool, Leeds, Nottingham, Newcastle, Coventry and many other cities and towns.”
Alexander added: “We want the Apropos platform to be the place where the best landlords want their properties listed and where tenants know they can trust our service.
“We want our partners, our landlords and our tenants to believe in what we do and ensure that we have the best platform combined with locally based property experts creating a platform that changes the way in which letting is delivered.”
D J Alexander was established in 1982 by David Alexander. It the largest independent property letting agency in Scotland and has over 4,000 rental properties under management.
The fund package was provided by Santander’s structured finance growth capital team. It forms part of its wider plan to invest in SME businesses that have growth plans.