Acquisition

RNS Number : 4354O

Braemar Group PLC

06 March 2009

 



Date 6 March 2009

Braemar Group plc ('Braemar')

Acquisition

Braemar, the AIM quoted innovative real estate fund and management group, announces that it has today acquired the entire issued share capital of Manchester Ground Rent Company Limited ('MGRC') for a cash consideration of £95,000 and the assumption of MGRC's debt of £315,000.

MGRC owns the long leasehold of Castlegate, a block of 84 apartments in Castlefield, Manchester. As long leaseholder, MGRC is entitled to receive ground rents amounting to approximately £25,200 per annum, is responsible for arranging the insurance of the building and collects service charges out of which it pays the maintenance costs of the common parts.

For further information please contact:

Marc Duschenes, CEO, Braemar Group plc 

Martin Robinson, Chairman, Braemar Group plc

Julie Serrage, Investor Relations, Braemar Group plc 

Tel: [phone]

Alex Clarkson/Nick Cowles, Zeus Capital Limited

Tel: [phone]

Notes to Editor:

Established in 2001 and quoted on AIM in December 2005, Braemar Group plc, through its two core divisions Braemar Securities Limited and Braemar Estates (Residential) Limited, creates and manages a range of real estate investment funds.

Braemar Securities 

Braemar Securities specialises in fund raising for public and private companies. It sponsors and operates a range of property investment funds for the Group and for third parties. Braemar designs, promotes and manages innovative structured financial products and promotes its funds to high net worth individuals, via IFAs and other regulated entities.

 
Braemar Estates 

Braemar Estates is responsible for the property management for Group funds and also has a diverse portfolio of over 2,000 managed residential properties throughout the UK. Braemar has expanded this service to private developers who require effective apartment-block property management. 

Website:

www.braemar-group.co.uk

 

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