Hermes Real Estates has instructed niche shopping centre agent HP Four to sell its 7.5% stake in Bluewater in Kent.
The 1.6m sq ft Bluewater was last valued at £1.5bn, giving the Hermes stake a value of around £116m.
Hermes has been one of the principal owners at Bluewater since opening, but is now looking to rebalance the BT Pension Scheme real estate portfolio, in which Bluewater sits.
BT Pension Scheme fund manager Chris Darroch 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.”
samantha.mcclary@estatesgazette.com
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