Property News - MEPC completes UK withdrawal

MEPC, once one of the UK's leading retail landlords, has completed its withdrawal from the sector with the£115 million sale of its 50 per cent stake in six UK malls to Hermes.

The portfolio comprises six shopping centres - The Eagle Centre in Derby; the Brunel Centre in Swindon, Friary Shopping Centre in Guildford; CastleCourt in Belfast; Royal Victoria Place in Tunbridge Wells and Mill Gate in Bury.

The properties are managed by Australian investor Westfield Shoppingtowns, which bought the other 50 per cent interest three years ago.

All of the centres have development potential and outline consent has already been granted to expand the Eagle Centre to 80,000 sq m, providing 150 shops and a 13,000 sq m department store.

Hermes chairman Richard Harrold said: 'We believe the portfolio has considerable potential. We look forward to working with Westfield, with whom we already have a strong relationship through the Broadmarsh partnership in Nottingham.'