Contracts push Braemar over £500m managed assets

Hale-based Braemar Group, the AIM listed property fund, reported the signing of block management and lettings management contracts for two significant developments through its property management division Braemar Estates.

Braemar said in a statement to the Stock Exchange: "The required corresponding investment in additional resources means that these contracts will not have a material effect in the remaining few months of this financial year. However, we are pleased to report that Braemar's total number of apartments under management has risen by over 10% and total assets under management have increased to in excess of £500m."

Braemar did not give details of the locations out of respect for the incumbent asset manager and residents while it waited to take over the contracts.

Marc Duschenes, chief executive, said the properties were worth more than £200m combined.

Shares in Braemar were up slightly to 1.58p, valuing the business at £2.58m, around half the value at the year-high of over 3p in July.