Canadian investment company Aimia Inc. has increased its investment in Foxtons, taking its stake in the estate agency group to 7.1% of voting rights. Aimia now holds 21,014,187 Foxtons shares, crossing the 7% threshold on 29 September.
The latest regulatory filing shows this is an increase from its previously disclosed 6.9% position. No explanation has been given for the decision to increase the stake.
This move comes as Aimia plans to establish a London quotation, having announced in August its intention to seek admission to London's AIM market. Executive chairman Rhys Summerton previously stated that a London quotation could help attract new investors and facilitate further investments in target companies.
Meanwhile, Foxtons is pursuing its own acquisition strategy, recently completing four lettings-focused acquisitions. These include Maguire Jackson and Davidson Estates in Birmingham, Warren Anthony in Watford, and a lettings portfolio in the Reading area. The initial payment for these deals is £4.8m, with potential deferred and contingent consideration of up to £1.2m.
Foxtons chief executive Guy Gittins said the Birmingham acquisitions demonstrate progress in building scale in the city. The group plans to bring its Birmingham businesses together under the Foxtons brand later this year. Foxtons expects these latest acquisitions to contribute to earnings from 2027.