PRUPIM Completes Friary Centre Acquisition From Hermes

Published on: 14 Jun, 2013
Updated on: 15 Jun, 2013

The Friary Centre, North Street – together with some surrounding properties are understood to have been valued at £150m in the exchange deal between PRUPIM and Hermes.

PRUPIM, the real estate investment management arm of M&G Investments, today (June 14) confirmed the completion of the deal to acquire the Friary Centre and associated holdings in North Street, Guildford.

The deal adds significantly to PRUPIM’s considerable holdings within Guildford and this part of the South East. Guildford Borough Council has said it is are ‘unable’ to say what these other property holdings are.

Under the terms of the deal, PRUPIM has acquired sole ownership of the Friary Centre, and associated adjacent holdings in North Street, from Hermes Real Estate Investment Management Limited. In a linked deal, PRUPIM sold its 36% stake in ‘thecentre:mk’ in Milton Keynes to Hermes.

The development director of PRUPIM, Jon Weymouth, said: “We are delighted to have made this acquisition in Guildford and are committed to helping the town unlock its significant potential. We intend to further enhance the Friary Centre and the surrounding North Street site.”

PRUPIM is the real estate investment management arm of M&G Investments and will be re-branded M&G Real Estate later this month. A a top 20 international real estate investment manager, PRUPIM was recorded last December as having more than £17 billion invested in a broad spread of properties across Europe, the Asia Pacific Region and North America.

See also:

Vision Group Calls for Delay to North Street Developer Selection
PRUPIM Wants Council To Abandon North Street Developer Selection Process
Hermes and PRUPIM Exchange Contracts in Friary Centre Property Deal

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