Hermes has put up for sale a stake in Bluewater, Britain’s biggest shopping centre, as part of a £243m sell-off. The Sunday Times
The property fund manager is reducing its exposure to the British market to help fund expansion in mainland Europe, where it hopes to get higher returns.
Hermes, which is selling on behalf of the British Telecom Pension Scheme, has appointed DTZ to dispose of a portfolio of stakes in 10 property unit trusts. These include a £30m slice of the Bluewater shopping centre in Kent; a £35m stake in MEPC, which was once Britain’s fourth-biggest property company; and a £46m stake in a trust that owns properties in London’s West End.
The portfolio for sale represents 17% of Hermes’ total holdings in these unit trusts.