Glasgow shopping centre changes hands
Private equity firm Henderson Park has acquired Glasgow’s Silverburn shopping centre from a joint venture between Hammerson and Canada Pension Plan Investment Board in a £140 million deal.
The acquisition has been undertaken alongside Eurofund, which will act as Henderson Park’s operating partner.
Christophe Kuhbier, managing director of Henderson Park, said: “With retail valuations under pressure in recent years, we have been monitoring the UK prime retail market and we see here an excellent opportunity to acquire this asset off-market and invest in a modern asset with immediate upside potential.
“Alongside our specialist operating partner Eurofund, our asset management plan aims at attracting new occupiers that focus on leisure, food and beverage and experiential retail sectors, completing the repositioning of the asset as a premier retail and leisure destination.”
Spanning 100,000 square metres, Silverburn opened its doors in 2007 and currently consists of 125 grocery, retail and leisure units including Next, Marks & Spencer and TK Maxx. A leisure extension in 2015 added a 14-screen Cineworld and 11 restaurants including Pizza Express, Five Guys and TGI Fridays.
The centre has a catchment area of around 1.9 million people, 80% of which are within a 21 minute drive.
Ian Sandford, chairman Eurofund Group, said: “We are excited by this opportunity to unlock latent value from this exceptional Top 20 UK shopping centre asset which has to date been underperforming. We aim to use our team’s asset management and operational expertise to bring the shopping resort concept and return Silverburn to the offering and performance levels the people of Glasgow deserve and to help it exceed its potential.“
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