Hermes Pension Management has bought the remaining 50% stake in MEPC from GE Real Estate.
Hermes already owns an initial 50% stake in MEPC which it bought in June 2000.
The move triggered an immediate £65m bonus to MEPC executives.
It was decided when MEPC was sold to Hermes and GE that senior executives would share bonuses provided the new shareholders earned an internal rate of return of at least 28.3% and a profit of at least £325m.
References: Financial Times 18/02/03 page 24, The Times 18/02/03 page 22 (Need to know), page 23, The Daily Telegraph 18/02/03 page 32
