Brooks Acquires Braemer for £4m

Fund manager Brooks MacDonald acquired property management group Braemar in deal worth £4m, which comes out to be 2.25p per share. The offer will yield a 64% premium for yesterday's closing price.

Brooks Macdonald will own all the shares in Braemar held by Braemar Management, accounting to 28% of the total shares.

Chris Macdonald, Chief Executive of Brooks Macdonald, said that the deal will come out to be a beneficial opportunity for the shareholders, clients and staff of both the Companies.

The deal will let Brooks extend its operations into property funds. It will observe the group, which monitors assets worth £2 billion, to keep allowing Braemar to run as substantially, as it does at present.

This implies that Macdonald would acquire whole of the issued and to be issued share capital of Braemar, which is open to Management Share Purchase Agreement.

Braemar's shares closed at 1.375p yesterday, depicting a premium of 63.6 % to the closing share price on 7 June.

Braemar Group was co-founded by its Chief Executive Marc Duschenes in 2001. He had established the Company to build a property fund management business supported by the development of support services.

“Braemar has a strong management team, fund management range and property management business which will complement Brooks Macdonald's existing offering”, said Macdonald.