Hermes Real Estate has pulled the sale of its 7.5% stake in the Bluewater shopping centre in Kent from the market.
The fund manager appointed niche retail agent HP Four to market the stake in the 1.6m sq ft centre for around £116m this October.
GIC, the sovereign wealth fund of the government of Singapore, PRUPIM and Canadian Pension Plan Investment Board were all understood to have eyed Hermes’ stake.
A spokeswoman for Hermes said: “Following the recent and unexpected breakdown in discussions with our preferred purchasing party on BTPS’ 7.5% stake in Bluewater, we have taken the decision to withdraw this holding from the market. This will provide an opportunity to reconsider our strategy with regard to Bluewater in the New Year. We remain encouraged, but not at all surprised given the enduring quality of the underlying asset, with the continued level of investor interest in Bluewater.”
Yesterday, Lend Lease Real Estate Investment confirmed that it had extended the life of the Lend Lease Retail Partnership, which owns a 25% stake in Bluewater in Kent, until November 2017. The partnership had been due to terminate in March 2011.
annabel.dixon@estatesgazette.com
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