Since the privatisation, MEPC has withdrawn from the UK shopping centre market and also sold a number of other non-core properties. Hermes said it will continue to be run as a separate business, under its own management but operating as a wholly owned entity of the Hermes clients.
Hermes chief executive Tony Watson said: "MEPC has introduced a new five-year plan for the business, centred on the core holdings. Its unique portfolio has strong growth potential and provides an excellent base on which to build."
Charles Alexander, President of GE Capital Europe said the sale did not signal a withdrawal from UK property by the US investor. "The business plan we initially put in place for MEPC has been successfully completed and we feel that, from here on, the income profile of the assets is better suited to a long-term institutional investor," he said.
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