UK – Hermes Pensions Management has agreed to buy the 50% of property firm MEPC that it did not already own on behalf of the 44.9 billion euro British Telecom pension scheme.

The value of the transaction was not disclosed. Hermes is owned by the BT pension scheme.

“Hermes Pensions Management today announces that it has agreed terms with GE Real Estate to purchase GE's 50% equity stake in MEPC on behalf of British Telecom Pension Scheme thereby taking full control of MEPC,” Hermes and MEPC said in a statement.

Hermes and GE took MEPC private in summer 2000 and each owned 50% of the company.

Hermes’ chief executive Tony Watson said of MEPC: “Its unique portfolio has strong medium and long term growth potential and provides an excellent base on which to build.”

“The performance to date and the strong prospects for the future are very much a tribute to the efforts and achievements of the MEPC team and we are confident that they will continue to add value to these assets in the coming years.'

MEPC will continue to run as a separate entity, Hermes said. Hermes has around 37 billion pounds under management and manages the assets of four of the seven largest UK pension funds

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