Braemar buys Manchester Beetham Tower ground rents

Braemar Group, the AIM quoted real estate fund and management group, has bought the ground rent of Manchester’s Beetham Tower.   The acquisition, which equates to an initial yield of 6.25%, was made via its Channel Islands listed Ground Rents Fund.   The 168m-high Ian Simpson-designed Beetham Tower is the highest building in Manchester and the tallest residential block in Europe.   It is home to the Hilton Hotel, which takes up the first 23 floors of the building, as well as 219 apartments and 16 penthouses, which are housed on the remainder of the 47 floors.      The Fund is advised by Braemar Estates, which manages around 3,100 properties represented by total assets under management of over £500m.   Braemar Group’s property management arm Braemar Estates won the contract to manage Beetham Towers in Manchester and Birmingham in April.   James Agar, director of Business Development, said: “I am delighted to be able to announce the Fund’s acquisition of the Beetham Freehold, which is one of the best known buildings in Manchester. It is a perfect example of the type of large scale, well located developments which the Fund aims to acquire.   “I expect this to be the first of several significant freehold purchases, which the Fund hopes to complete during the course of the next year, driving further performance of NAV as the Fund continues to provide investors with exposure to this asset class.” paul.norman@estatesgazette.com