Hermes Real Estate and PRUPIM have confirmed a deal to swap shopping centres in Milton Keynes and Guildford.
Hermes has bought a 36% stake in thecentre:mk in Milton Keynes, Buckinghamshire, from PRUPIM for £190m, bringing the entire 1.3m sq ft mall under its control.
In exchange, Hermes has sold the 140,000 sq ft Friary centre in Guildford, Surrey, and other holdings on North Street in the centre to PRUPIM for £150m.
Hermes has also contributed a balancing payment as part of the deal.
Completion is expected to follow shortly.
Cushman & Wakefield advised Hermes; Lunson Mitchenall advised PRUPIM.
annabel.dixon@estatesgazette.com
