Hermes is buying developer MEPC from the BT pension fund.
The deal will include the iconic Centre Point skyscraper, which MEPC has owned since it bought Harry Hyam’s Oldham Estates in 1987.
Hermes Investment Management said the MEPC deal would enhance its plan to create urban regeneration schemes, including those in Manchester, Leeds and Bristol, as well as science and technology parks at Silverstone and Oxford.
The investment manager, which controls £35.8bn of assets, was once also owned by BT’s pension scheme, as it was founded in 1983 as the telecoms company’s investment manager.
