Braemar ‘resilient’ amid downturn
HALE-based property investment group Braemar said it has stood up to the downturn with “resilience”.
In a trading update covering the six months to September 30 it said its Braemar Estates arm, which manages around 2,600 apartments with a value of £290m, will see margins improve.
It has three funds – ground rents, agricultural land and student accommodation – which operate as Guernsey-registered open ended investment companies.
Bramar said the decision to list the funds on the Channel Islands Stock Exchange had increased funds under management by 18% during the last six months to £46m. But adverse stock market conditions meant the group pulled a plan to float Braemar UK Agricultural Land on the Alternative Investment Market.
It added: “The group will report revenue growth for the period and a small pre-tax loss, but the directors are pleased that the above achievements are continuing to provide a stable footing for the group.
“This will be reflected in further revenue growth in the full-year and in a continued build up of recurring income. As fundraising progresses, the directors expect trading will have strengthened further by the time of our interim results announcement.”
