Hermes acquires MEPC

Investment manager Hermes has bought developer and asset manager MEPC from its former owner, the BT Pension Scheme. The pension scheme had previously sold a majority stake in Hermes to US fund house Federated Investors in 2018, while retaining 30%. Hermes had taken full control of MEPC in 2003 on behalf of the pension fund, after it bought GE Real Estate’s 50% stake in the business. The MEPC brand will not be changed. Its developments include Manchester’s NOMA and Wellington Place in Leeds. Chris Taylor, chief executive of Hermes Real Estate, said that the acquisition will boost the investment manager’s urban regeneration strategy. He said: “This acquisition of MEPC provides Hermes with a conduit for best in class development management expertise, supporting our ambition to be the leading provider of great places, which deliver positive outcomes for both society and the environment.” James Dipple, chief executive of MEPC, said: “Our strategic ambitions for the future are fully aligned with those of Hermes and, therefore, a strong basis for the growth of MEPC.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette