// Hammerson sells its share in Silverburn shopping centre to Hendorson Park
// The deal was undertaken alongside real estate developer Eurofund
Hammerson has sold its share in Glasgow’s Silverburn shopping centre as it seeks to dispose its “non-core assets”.
Henderson Park has paid Hammerson and the Canada Pension Plan Investment Board (CPPIB) £140 million for the 1.07 million sq ft property.
The deal was undertaken alongside real estate developer Eurofund, who will act as Henderson Park’s operating partner.
“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,” Henderson Park managing director, Christophe Kuhbier said.
“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.”
Silverburn opened its doors in 2007 and currently consists of 125 grocery, retail and leisure units.