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Battle for £120m Bluewater stake
A BATTLE for a £120m stake in the Bluewater shopping centre is in the offing, with some of the world’s largest pensions and sovereign wealth funds competing to invest.
The Government of Singapore Investment Corporation (GIC), the Canada Pension Plan Investment Board (CPP), and Oxford Properties, property arm of the Ontario Municipal Employees Retirement System (Omers), are thought to be preparing bids within the next two weeks.
Minority stakeholders Hermes Real Estate is selling its 7.5 per cent interest in the Kent shopping centre, which it holds on behalf of the BT pension fund.
Hermes may reconsider a sale, as new chief executive Chris Taylor rates Bluewater highly.