Hermes Real Estate has pulled all sales of indirect assets as it struggles to find appetite among investors in a difficult property investment market. Financial Times

The fund manager has cancelled the sale of a stake in MEPC, the business park owner, from which it hoped to raise £500m, as well as the proposed £240m sale of stakes in 10 funds it holds on behalf of the British Telecom Pension Fund, including part of a fund that owns the Bluewater shopping centre.

Hermes has also stopped fund raising for its £530m UK logistics fund, which it had hoped to expand to £1bn.