Hermes Real Estate has instructed niche shopping centre investment agent HP Four to sell its 7.5% stake in Bluewater. The 1.6m sq ft Kent mall was last valued at £1.5bn, giving the stake a value of around £116m. Hermes has been one of the principal owners at Bluewater since the centre opened in 1999, but is now looking to rebalance the BT Pension Scheme’s real estate portfolio, in which the shopping centre sits.
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