Henderson Park, the European private equity real estate firm headquartered in London, announces that it has exchanged contracts for the acquisition of Silverburn, a 100,000 sqm flagship shopping centre in Glasgow, U.K., in an off-market transaction from a joint venture between Hammerson and Canada Pension Plan Investment Board for £140 million. This acquisition has been undertaken alongside Eurofund, who will act as Henderson Park’s operating partner.
Silverburn is a high quality shopping centre that originally opened in 2007 and currently consists of 125 grocery, retail and leisure units including Next, Marks & Spencer and TK Maxx. The leisure extension, which was completed in 2015, added a 14-screen Cineworld and 11 restaurant units. The centre sits on a 67-acre freehold site, which also includes 4,500 car parking spaces and the largest Tesco in Scotland, under a long leasehold interest.
Silverburn is a Top 20 UK shopping centre located in Pollok, a wealthy suburb of the UK’s fifth largest city, Glasgow. As the city’s newest and highest quality shopping centre, Silverburn has a wide and affluent catchment area of c. 1.9 million people, 80% of which are within a 21 minute drive. The centre also benefits from strong transport links, with a major bus terminal located on site, and has historically generated consistently high footfall of 15 million.
The centre is currently 78% physically occupied and rent collection from the remaining tenants has been strong standing at 92% for Q3 2021.
Source : Joint release