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Purchase of Braemar Estates announced

22 September 2017

An exchange of contracts between Rendall & Rittner and Brooks Macdonald Group has been announced for the purchase of the entire share capital of Braemar Estates.

The company managed a portfolio of 5,000 properties, which includes residential, commercial and mixed-use facilities.

These are located in Manchester, Liverpool, Leeds, Birmingham, Bristol and London, with a combined value of £1.2bn.

There were no financial details included in the announcement, with Braemar Estates due to join Rendall & Rittner when the transaction is completed later this year.

The statement announcing the deal said Braemar "will continue with business as usual" after the deal completes.

It will become part of the Rendall & Rittner portfolio of approximately 45,000 units located across southern England, the Midlands and Manchester.

Rendall & Rittner chief executive officer Duncan Rendall said: "There is an excellent strategic fit between the businesses and we look forward to working with the experienced professional people at Braemar.

"This significant addition will strengthen our existing presence in the North West and help to progress our amibition to be a leading provider of residential block management services on a national basis."

Mr Rendall said the purchase is expected to "enhance earnings immediately" and expressed his excitement about the potential for growing the Braemar business.

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