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THE CO-OPERATIVE GROUP AND HERMES REAL ESTATE ANNOUNCE NEW JOINT VENTURE TO DELIVER NOMA
02/04/2014

THE CO-OPERATIVE GROUP AND HERMES REAL ESTATE ANNOUNCE NEW JOINT VENTURE TO DELIVER NOMA

The Co-operative Group has named Hermes Real Estate as its joint venture partner on the UK’s biggest regional redevelopment project, the £800 million NOMA scheme in Manchester City Centre.

The Co-operative and Hermes Real Estate have exchanged contracts to become 50/50 partners on the development of the 20 acre mixed use scheme. Completion of the deal is expected in mid-May.

The partnership will develop the buildings and land within NOMA to deliver a new mixed use district in Manchester City Centre.

David Pringle, Director of NOMA, said: “This represents a great opportunity to bring together two like-minded businesses that have a commitment to responsible, sustainable property development – an approach which sits at the heart of the NOMA scheme. 

“Together The Co-operative Group and Hermes Real Estate have a shared belief in what NOMA can deliver and over the next 10 years we plan to create a new neighbourhood, designed to meet the needs and aspirations of modern businesses with a real community at its heart.

“It is our intention to build new offices, homes, shops, hotels, restaurants and cafés, and to refurbish several iconic listed buildings as well as creating contemporary outdoor squares and spaces.”

Chris Taylor, CEO of Hermes Real Estate, added: “We are delighted to enter into this strategic land partnership with The Co-operative Group. This is consistent with our UK strategy of investing in commanding sites within major urban areas that combine the benefits of improved infrastructure, regeneration, enhanced public realm, proximity to major retail and leisure facilities and which, ultimately, provide a sustainable place for people to work and live.

“NOMA is an exciting growth opportunity within a dynamic city and has similar sustainable development attributes to our recent investments in Paradise Circus, Birmingham and King’s Cross, London.”

Colliers represented The Co-operative Group, and JLL acted for Hermes Real Estate.

 

Ends

 

For further information, please contact:

NOMA

Craig Brownsell                      

07843 648467         

craig.brownsell@co-operative.coop

 

Hermes Real Estate

Clare Hartshorne                   

clare@redwoodconsulting.co.uk

Redwood Consulting              

+44 (0)20 7828 5553

+44(0)7515 050 335

 

Notes to Editors:

NOMA is a major scheme to redevelop 20 acres of Manchester city centre. The 10 year, £800 million programme will create a truly mixed use urban neighbourhood, incorporating office space, residential, and leisure facilities.  For more information visit www.noma53.com

Hermes Fund Managers

Hermes is a unique fund manager – we have been an industry leader in Responsible Investing for over thirty years and offer clients the unparalleled combination of:

  • Our Multi-Boutique Structure gives institutional and pension fund clients globally the benefit of access to a broad range of specialist, high conviction investment teams operating within an established and robust operating platform.
  • Our Investment Office is a crucial function, acting as a performance risk ‘radar’ for all boutiques’ investment activity and is central to our mission to deliver Sustainable Risk-Adjusted Alpha to all our clients. 
  • Our commitment to behaving as a Responsible Asset Manager, not merely by being a ‘Responsible Investor’ in quoted companies but also by applying these principles across all asset classes and by behaving as a ‘good fiduciary’ on behalf of our clients.

Hermes' investment solutions include:

  • Bonds: Inflation-Linked, Government Bonds, Investment Grade, High Yield
  • Alternatives: Commodities, Hedge Fund Solutions, Real Estate, Private Equity, Infrastructure
  • Equities: Global, Emerging Markets, Small & Mid Cap, Europe, Japan

Hermes manages assets on behalf of more than 170 clients* across these investment areas with £26.3 billion* assets under management. Additionally, we support pension funds and other global institutional investors worldwide in meeting their ESG responsibilities through our market leading Hermes Equity Ownership Services, which takes on a stewardship role engaging globally on more than £98 billion* of assets.

*Please note the total AuM figure includes £3.4bn of assets managed or under an advisory agreement by Hermes GPE LLP (“HGPE”), a joint venture between Hermes Fund Managers (“HFM”) and GPE Partner Limited. HGPE is an independent entity and not part of the Hermes group. £0.4bn of total group AuM figure represents HFM mandates under advice. Source: Hermes as at 31 December 2013.