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Hermes Investment Management buys out partner in UK development JV

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Hermes Investment Management buys out partner in UK development JV

Hermes Investment Management acquired The Co-Op Group's 50% interest in the companies' NOMA joint venture, an urban regeneration scheme in Manchester, U.K., that is the largest development project in North West England, according to a company release.

The 50/50 joint venture was created in 2014 to develop new office, home, hotel, retail and leisure projects on 20 acres in Manchester's city center.

Stuart Hookins, property strategy and development director at Co-op Group Property, said that following the development and approval of the masterplan for the project, "it is now appropriate for the project to be progressed by a specialist organization." Hopkins noted that The Co-Op Group remains committed to the regeneration of Manchester, but will now focus on "developing our core businesses."