UK - Hermes Real Estate has placed 10 property vehicles on the market, in the hope of generating £240m (€346m) for the BT Pension Scheme.
The pension fund-owned asset manager announced earlier this year it would look to dilute some of its UK direct property holdings to help finance a £700m commitment by BTPS to an international real estate investment programme.
It is not actually selling all of its holdings in the funds, as BTPS will retain 83% of the indirect investment interests, according to Jonathan Robson, director at Hermes Real Estate.
The portfolio is a mixture of property types but has a particularly strong retail focus.
Fund percentages offered for sale contain a variety of pooled property funds, including Bluewater Shopping Centre Retail Trust, WELPUT - which a mixture of retail properties in the West End of London - as well as holdings in X-Leisure - headed by former Dome boss Pierre-Yves Gerbeau and jointly managed with Capital and Regional, IPIF, Hercules Unit Trust and the Ashtenne Industrial Fund.
The holdings are themselves managed by other asset management houses, including Morley, Schroder Property, Legal & General Investment Management, Rockspring Property, and Lend Lease Real Estate Investments.