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Hermes to Buy Four Freeport Malls in $460M Deal

LONDON-Outlet operator Freeport has concluded negotiations with fund manager Hermes over the $460-million sale of four of its UK malls. Hermes is now the biggest owner of outlet malls in the UK.

By Graham Parker | Updated on February 23, 2004

LONDON-Outlet mall operator Freeport has reached agreement to sell its outlet malls in Braintree, Castleford, Fleetwood and Talke to Hermes for £245.5 million ($460 million. Through its specialist outlet arm Realm, Hermes already owns schemes in Street, Doncaster, Bideford and Kendal, and the deal makes it the biggest player in the UK outlet market.

Under the terms of the deal Hermes will take a 99% stake in the three larger schemes at Braintree, Castleford, Fleetwood, and will acquire 100% of the equity in the Talke (Jersey) Limited Partnership.

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