Hermes Investment Management has acquired MEPC, the UK property developer owned by the BT Pension Scheme (BTPS).
Hermes, which was formerly owned by BTPS, and GE Real Estate took MEPC private in 2000 as each acquired 50% of the company. Three years later, Hermes .
In April 2018, Federated Investors acquired a majority interest in Hermes from BTPS.
Hermes said today it is acquiring MEPC in a deal that βenhances Hermes Real Estateβs proposition by adding specialist asset and development management expertise to its existing capabilitiesβ.
Chris Taylor, CEO of Hermes Real Estate, said: βThere are many synergies between the two brands and an already long-lasting and successful relationship, which can now be built upon further.β
James Dipple, CEO of MEPC, said: βThis is an exciting transaction for MEPC, allowing us to combine our long track record of success with a leading real estate investment manager.
βOur strategic ambitions for the future are fully aligned with those of Hermes and, therefore, a strong basis for the growth of MEPC.β
A spokesperson for Hermes and MEPC said: βHaving Hermes as MEPCβs parent company provides a long-term basis for its future growth with little disruption to day-to-day business. Certain investments processes are already integrated with those of Hermes.
βThis acquisition greatly enhances our real estate proposition by adding specialist asset and development management expertise.
βIn particular, it supports our core strategy of creating urban regeneration schemes, which not only deliver attractive financial returns but will have a positive impact on the environment and communities in which they are located β a key market differentiator for the business ahead.β
