Braemar Estates appointment

RNS Number : 8166J

Brooks Macdonald Group PLC

13 August 2012

 



13 August 2012

BROOKS MACDONALD GROUP PLC

Braemar Estates appointed to manage new ground rents investment company 

Brooks Macdonald Group plc (the "Group"), the AIM listed integrated wealth management group, today announces that its wholly owned subsidiary Braemar Estates (Residential) Limited ("Braemar Estates"), has been appointed as property manager and adviser, to manage the property portfolio of Ground Rents Income Fund plc ("GRIF"). 

GRIF is a newly formed, closed-ended company incorporated to acquire a portfolio of freeholds and head leases that has today announced its admission to the Official List of the Channel Islands Stock Exchange and to trading on the SETSqx platform of the London Stock Exchange. It will offer investors the potential for income generation and capital growth from ground rents. GRIF is expected to be capitalised at around £50.0 million.

Braemar Estates has £865m of real estate assets under management and a long-term track record in asset management; it has a deep understanding of the ground rent market given its current management of the assets of Braemar Group PCC Limited Ground Rents Fund (whose assets are being acquired by GRIF) and experience of acquiring and managing ground rent investments.

Chris Macdonald, Chief Executive, commented:

"We are delighted that Braemar Estates has been selected to manage GRIF; this appointment is testament to their unique expertise in ground rents, an esoteric but highly attractive alternative investment class. We anticipate further opportunities developing for Braemar Estates to manage the underlying properties within the ground rents portfolio, as well as future capital raisings within GRIF."

Enquiries

Brooks Macdonald Group PLC

Chris Macdonald - Chief Executive                                                                               020 7499 6424

Simon Jackson - Finance Director                                                            www.brooksmacdonald.com

Simon Wombwell - Executive Director

Canaccord Genuity (Nominated Adviser & Broker)

Bruce Garrow/Sebastian Jones                                                                                   020 7523 8350

MHP Communications

Reg Hoare / Barnaby Fry/ Simon Hockridge/ Giles Robinson                                         020 3128 8100

Notes to editors

Brooks Macdonald Group plc is an AIM listed integrated wealth management group. The group consists of three principal companies: Brooks Macdonald Asset Management Limited, a discretionary asset management business; Brooks Macdonald Financial Consulting Limited, a financial advisory and employee benefits consultancy and the Braemar Group which acts as a fund manager, under the name of Brooks Macdonald Funds and manages property assets on behalf of the funds and other clients.

 

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