Dechert has advised on its largest ever deal for regular client Freeport on the sale of four of its shopping malls to investment giant Hermes Pensions Management – a deal that is projected to be worth £245m.

Under the terms of the deal, Hermes will become a 99% partner in the Freeport shopping villages at Braintree, Castleford and Fleet-wood and will also take over the whole of Freeport’s interest in its Jersey limited partnership.