This acquisition greatly enhances Hermes Real Estate’s proposition by adding specialist asset and development management expertise to its existing capabilities.
In particular, it supports Hermes’ core strategy of creating urban regeneration schemes, which not only deliver attractive financial returns, but will have a positive impact on the environment and communities in which they are located.
Chris Taylor, CEO of Hermes Real Estate, said: “This acquisition of MEPC provides Hermes with a conduit for best in class development management expertise, supporting our ambition to be the leading provider of great places, which deliver positive outcomes for both society and the environment. There are many synergies between the two brands and an already long lasting and successful relationship, which can now be built upon further.”
James Dipple, Chief Executive of MEPC, said: “This is an exciting transaction for MEPC, allowing us to combine our long track record of success with a leading real estate investment manager. Our strategic ambitions for the future are fully aligned with those of Hermes and, therefore, a strong basis for the growth of MEPC.”
In the next few years Hermes Real Estate with MEPC, will be developing significant mixed-use urban regenerations in Manchester, Leeds and Bristol along with science and technology parks at Silverstone and Milton Park, Oxford. These developments include NOMA, the 20-acre commercially-led development in the heart of Manchester (pictured)and the already established urban quarter, Wellington Place in Leeds.
With the addition of MEPC, Hermes will be well positioned to continue delivering a successful outcome across all these sites for the benefit of all important stakeholders involved including its occupier communities who will continue to remain a priority.
The MEPC brand, which goes back to 1946 and has been associated with many UK real estate developments, will be acquired by Hermes and will remain in use.
For Milton Park and its occupiers, suppliers and stakeholders, it is business as usual as MEPC’s brand name and operations, as the manager and developer of the Park, will continue.
Philip Campbell, MEPC Commercial Director for Milton Park said: “Being acquired by Hermes is a natural evolution of our long and successful relationship. It provides us with a long-term basis for the Park’s future sustainable growth and delivering our Vision 2040 with little disruption to day-to-day business. Our occupiers and their needs remain our main focus.”