Hermes Investment Management Ltd. acquired U.K.-based property developer MEPC (1946) Ltd. from BT Pension Scheme, IPE Real Assets reported, citing Hermes.

Hermes, previously owned by BT, and GE Real Estate each had a 50% ownership in the private company, the report said. Hermes later acquired GE's stake, and in April 2018, was the target of a majority interest acquisition by Federated Investors.