Home   Kent Business   County news   Article

Royal London buys stake in Bluewater shopping centre from Hermes Investment Management

By Chris Price

A pensions and investment company has bought a 7.5% stake in Bluewater shopping centre.

Royal London Insurance Society has acquired the share of the mall formerly owned by £30.1 billion asset manager Hermes Investment Management.

The deal gives Royal London, which manages £106 billion of funds, a seat on the board of the shopping centre alongside its other stakeholders.

Bluewater shopping centre opened in 1999

Bluewater shopping centre opened in 1999

Bluewater near Dartford, which attracts 27 million shoppers a year, is seen as a sound long-term investment by insurers and asset managers.

Valued at more than £2 billion, its other investors are believed to include Prudential, with around a 35% stake, Lend Lease Retail Partnership, with about 25%, and Aberdeen Asset Management.

Landsec, the largest commercial property company in the UK, owns a controlling 30% stake.

Michael Lawrence, head of retail at Royal London Asset Management, said: “This acquisition of Hermes Investment Management’s 7.5% stake in Bluewater shopping centre represents a strong new addition to our portfolio, as we continue to target high quality assets in the retail space.

Bluewater has 1.8m sqft of shopping space

Bluewater has 1.8m sqft of shopping space

“As one of the biggest shopping centres in the UK and Europe, this new holding provides us with a good opportunity to invest in one of the region’s most popular shopping destinations.”

Chris Taylor, head of private markets at Hermes Investment Management, added: “As we continue to diversify our global portfolio, this sale of our 7.5% stake in Bluewater shopping centre is a good result for the fund.

“It leaves us well placed to focus on our strategy of re-deploying capital into the market, as well as identifying new acquisitions where we believe additional value can be added through asset management.”

HP Four advised Hermes Investment Management on the sale. Coady Supple acted for Royal London.

Join the debate...
Comments |

Don't have an account? Please Register first!

The KM Group does not moderate comments. Please click here for our house rules.

People who post abusive comments about other users or those featured in articles will be banned.

Thank you. Your comment has been received and will appear on the site shortly.


Terms of Comments
We do not actively moderate, monitor or edit contributions to the reader comments but we may intervene and take such action as we think necessary, please click here for our house rules. If you have any concerns over the contents on our site, please either register those concerns using the report abuse button, contact us here, email multimediadesk@thekmgroup.co.uk or call 01634 227989.

Close This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.Learn More