Hogan Lovells Advises Hermes Real Estate on £337M Shopping Mall Ownership Swap

LONDON, 17 June 2013 - Hogan Lovells has advised Hermes Real Estate Investment Management Limited (HREIML) on a £337million ownership swap between the centre:mk, Milton Keynes and The Friary Centre, Guildford, with M&G Real Estate.

HREIML acquired M&G Real Estate's 36% stake in the centre:mk, bringing the prime retail asset fully under HREIML’s control. M&G Real Estate assumes sole ownership of The Friary Centre, and associated holdings in North Street, Guildford. HREIML contributed a balancing payment as part of the deal.

The Hogan Lovells team advising HREIML was led by London funds partner James McDonald and real estate partner Gill McGreevy, supported by senior associate Amelia Stawpert and trainee Hannah Kaye in funds, real estate senior associates Stella Bliss and Thom Leonard, Tax partner Philip Gershuny and senior associate Aaron Burchell in Tax, and construction partner Gillian Thomas.

Commenting on the swap, Gill said:

"This swap is of strategic significance to both parties and extremely beneficial to their business. We are pleased to have been able to drive through its implementation and look forward to continuing to act on both shopping centres following the swap".

Chris Taylor, chief executive officer, Hermes Real Estate Investment Management Limited, added:

“We are delighted to have been able to complete this property swap; such transactions frequently make strategic sense for both parties but rarely occur as they are notoriously difficult to actually implement. We have been long term owners in Milton Keynes and are excited at the opportunities to continue to enhance the centre and deliver sustained long term growth through our active management and active engagement with our occupiers, shoppers and Council alike”.

CMS acted for M&G Real Estate, advised by Bill Carr and Nicholas Kuria in corporate funds, Richard Croker in Tax and Edward Benzecry in Real Estate.

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