Braemar Group purchases it's first farm

Braemar Group’s UK Agricultural Land Cell, a Channel Islands Stock Exchange listed OEIC (Open Ended Investment Company), is pleased to announce the purchase of its first farm. The 280 acre Grade II arable freehold farm is situated in Suffolk and has been purchased by the Cell for a consideration of £1.37m, a discount of 7% to the market value.

The Directors are continuing to consider other investment opportunities and another farm is currently under offer.

Braemar is also encouraged by the recovery of wheat prices in recent weeks. Although prices in December 2008 had fallen significantly to £90 per ton from the April high, the price had risen to £110 per ton by last week.

Marc Duschenes of Braemar said, "The market for farmland has not been without the turbulence that other markets have witnessed during the last few months, and we are delighted to have acquired this parcel of land at what we believe represents good value. For the first time in living memory, land returns are greater than cash, and we are excited about prospects for our fund."

As an OEIC, this fund continues to take in new subscriptions on its monthly dealing days indefinitely and investors are able to sell at quarterly intervals. The Cell benefits from a tax efficient structure making it suitable for investment by offshore bonds, pensions, trusts, companies and individuals.