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Hermes to make debut in US real estate with JV fund

Hermes Real Estate, the £5.8bn real estate fund manager owned by the British Telecom Pension Scheme, is to invest in the recovering US property market for the first time through a joint venture with an Asian bank and a US investment company.
By James Wallace
July 14, 2011 | 12:41 P.M.

The closed-ended fund is seeded with $200m, comprised of $150m from Hermes and $25m from UOB Global Capital, a subsidiary of Singapore’s United Overseas Bank, and $25m Hampshire Real Estate Companies, a privately-held US real estate operating and investment company.

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