Building management group Johns Lyng announced today it has paid $7 million for an 85% controlling stake in Capitol Strata Management, a Brisbane-based strata and property management business.

The investment is made via its Sydney-based strata and facilities management subsidiary Bright & Duggan.

Johns Lyng Group CEO Scott Didier says Capitol Strata Management’s portfolio of 1250 strata schemes will be a boost to the business.

“The strata market is strategically important for us, as we see up to five potential cross-sell opportunities for Johns Lyng’s core capabilities in each strata title,” he said.

“These include emergency and scheduled repairs, general maintenance and building works. With the addition of Capitol Strata...we now have access to over 70,000 strata titled properties, so this is a compelling growth prospect.”

Bright & Duggan will fund the investment through its existing debt facilities.