Hermes take ownership of thecentre:mk in swap deal

Hermes now has overall control of thecentre:mk
Hermes now has overall control of thecentre:mk

A property deal worth hundreds of millions of pounds will see Hermes Real Estate take full control of thecentre:mk shopping centre.

Hermes previously controlled 64 per cent of the city centre mall, but a swap deal with former co-owners PRUPIM has seen it aquire complete control.

The newly acquired 36 per cent of thecentre:mk is worth £190m.

The deal is due to be completed shortly and will see ownership of The Friary Centre in Guildford switch in the opposite direction.

PRUPIM will also aquire further holdings in Guildford and receive a £40m payment from Hermes to balance the deal.

Hermes chief executive, Chris Taylor, said: “We are long-term investors in Central Milton Keynes and have a proven commitment to the town and the centre itself, having heavily invested in thecentre:mk for approaching 40 years.”