GBR Phoenix Beard has acquired niche asset management company Optic Asset Management.

The new firm will trade under the GBR Phoenix Beard name, and Optic’s London team will relocate from its current offices in Wells Street to GBR Phoenix Beard’s Chandos Street base in March.

The acquisition will mean that GBR Phoenix Beard will now have a base in central Leeds. GBR Phoenix Beard’s Birmingham office is largely unaffected by the announcement.

Optic was established by David Offen and James Young in 2003 and since then has grown to 18 staff, ten of whom are based in London, while eight operate out of Leeds. 

Clients of the business include Aberdeen Asset Management, Tiger Developments, Salmon Harvester, Mercer Real Estate, and Cube Real Estate.

GBR Phoenix Beard was established more than 40 years ago and now employs around 100 people across the UK. The company also operates a significant property asset management business, acting for some of the UK’s leading institutional investors and property companies, including Standard Life Investments, Threadneedle Property Investments, Scarborough Group and IM Properties. 

Simon Farrant, managing director of GBR Phoenix Beard, said: “Having won a number of new retained mandates over the course of the last 12 months, the need to bolster the scale of our business has become increasingly apparent. 

“By strengthening our London presence, as well as the addition of a base in Leeds, we have significantly enhanced the firm’s geographic footprint.  The move aligns GBR Phoenix Beard to the profile of our clients’ property portfolios.”

James Young, a director of Optic who will be in charge of GBR Phoenix Beard’s London office, said: “By pooling resources, we will be able to demonstrate tangible benefits to clients and staff alike. Clients and contacts of both firms should rest assured that it will be business as usual.”

David Offen, managing director of Optic, will remain as a director of the enlarged business with responsibility for a number of key client accounts. 

The move will create a firm with a combined turnover of more than £12m and no redundancies are anticipated as a result of the merger.