Hermes to sell 7.5% Bluewater stake
Published: 06 October, 2010
Hermes Real Estate is to sell its 7.5 per cent interest in Bluewater with a £120m price tag
Agent HP Four has been instructed to find a buyer for the minority holding in Bluewater, and if the quoting price is achieved it would value the 1.6m sq ft Kent mall at £1.6bn.
Hermes has been one of the principal owners at Bluewater since opening ten years ago, but is now looking to rebalance the BTPS real estate portfolio, in which Bluewater sits.
Chris Darroch, fund manager of BTPS, said:” This is a prime asset that we believe the market will be very keen on holding, not least because of the high quality nature of the asset itself, but also because of the nature of the ownership structure which will give the successful purchaser a seat at the top table alongside other well respected investors.”
