UK - Hermes Property Asset Management, part of the BT pension scheme, has bought MEPC's 50% stake in a shopping centre portfolio for £115m.
The portfolio is jointly held with Westfield Holdings and comprises The Eagle Centre, Derby; Brunel Centre, Swindon; Friary Shopping Centre, Guildford; CastleCourt, Belfast; Royal Victoria Place, Tunbridge Wells and Mill Gate, Bury.
The partnership is managed by Westfield Shoppingtowns and has a gross value of approximately £700m.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.