DEAL REACHED TO PURCHASE SLIVERBURN SHOPPING CENTRE
Scottish shopping centre Silverburn has been purchased by international real estate company Eurofund and London-based private equity real estate manager Henderson Park.
The pair first announced interest in purchasing the 100,000sq centre back in December and recently announced they had closed a deal worth £140 million.
Silverburn is Scotland’s newest shopping centre having opened back in 2007 and sits in a catchment of 2.1 million people.
It consists of 125 grocery, retail and leisure units with brands such as Next, Marks & Spencer and TK Maxx, and has historically generated annual footfall of circa 15 million. Sitting on 67 acres with 4,500 car parking spaces, the site is also home to Scotland’s largest Tesco store.
Eurofund and Henderson Park are purchasing the centre from property group Hammerson and Canada Pension Plan Investment Board, who acquired Silverburn through a 50-50 joint venture for nearly £300m in 2009.
Alberto Esguevillas, UK chief executive of Eurofund, said: “Scotland represents a particularly strong retail opportunity in the UK, with Glasgow recently being named one of the two most resilient retail destinations in the country.
This is demonstrated in the strong interest we are seeing from retailers and brands wanting to expand or establish a presence in Silverburn.”
President Ian Sandford added: “We are pleased to have had to opportunity to co-invest in Silverburn along with our JV partners at Henderson Park.
Silverburn represents a fantastic opportunity to take a good centre and transform it into the leading asset in its catchment.
Eurofund’s vision is to utilise our team’s strong asset management and operational expertise to unlock latent value and reposition Silverburn as the leading retail, leisure and F&B destination in Scotland.”