Hermes, the global investment manager, announced this week it is acquiring MEPC Limited, the UK commercial real estate developer and asset manager, from the BT Pension Scheme.
In a statement, Hermes said the acquisition supports its core strategy of creating urban regeneration schemes, which not only deliver attractive financial returns, but have a positive impact on the environment and communities in which they are located.
Chris Taylor, CEO of Hermes Real Estate, commented: 'This acquisition of MEPC provides Hermes with a conduit for best in class development management expertise, supporting our ambition to be the leading provider of great places, which deliver positive outcomes for both society and the environment. There are many synergies between the two brands and an already long lasting and successful relationship, which can now be built upon further.'
In the next few years Hermes Real Estate and MEPC, along with the BT Pension Scheme (BTPS) and other asset owners, will be developing significant mixed-use urban regenerations in Manchester, Leeds and Bristol along with science and technology parks at Silverstone and Oxford. These developments include NOMA (pictured), the 20-acre commercially-led development in the heart of Manchester and the already established urban quarter, Wellington Place in Leeds.