Brooks McDonald to acquire Braemar property group for £4m
Brooks Macdonald, the fee-based adviser and asset management firm has agreed a £4m deal to purchase structured product and property group Braemar.
The 2.25p per share offer, which has been agreed by the Braemar board, is at a 63.6% premium to Braemar’s closing price last night.
Its Securities operation designs, promotes and manages structured products and promotes its funds to high net worth individuals, via IFAs and other regulated parties.
Braemar, through its Securities and Estates core divisions, manages a range of investment products and property funds.
Braemar’s range of investment funds comprises three Oeics investing in agricultural land, student accommodation and ground rents.It also has nine closed-ended residential property vehicles and the value of funds under management stood at about £44m at 31 March 2010.
Wealth management group Brooks Macdonald, which had £2.05bn under management as at 31 March, believes the Braemar acquisition is key to their ambitions to strengthen its scale and distribution in the UK retail market.
Brooks Macdonald has received irrevocable undertakings equating to 68.1% of existing issued Braemar ordinary shares.
