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Bank of Ireland Private Banking has paid the Hercules Unit Trust £209 million for a 50 per cent stake in the New Mersey Shopping Park in Liverpool, one of the UK's premier out-of-town retail parks.
At 480,000 sq ft, New Mersey is the seventh largest shopping park in the UK. HUT acquired the scheme in 2001 for £125 million and significantly extended and remodelled it. HUT will retain the remaining 50 per cent interest and British Land Property Advisers and Schroders will continue to asset manage the property.
British Land director Andrew Jones said: “New Mersey has been a fantastic investment for HUT over the period of our ownership. The disposal of a 50 per cent stake is consistent with our strategy to recycle HUT’s capital whilst retaining its exposure to the premier out-of-town retail locations.”
Bank of Ireland Private Banking was advised by Morgan Williams. HUT was advised by Wilkinson Williams.
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