Silverburn shopping centre sells for £140m in private equity deal

The Glasgow shopping mall has been sold to a London investor for almost half its original price.

Silverburn shopping centre sells for £140m in private equity deal STV News

Silverburn shopping centre has been sold to a London based private equity firm Henderson Park for £140m.

This deal has been undertaken alongside Eurofund, which will act as Henderson Park’s operating partner.

Silverburn, based in Pollok, Glasgow, was originally bought by retail property giant Hammerson for around £300m in 2009.

The 100,000 sq m shopping centre originally opened in 2007 and currently consists of 125 grocery, retail and leisure units, including Next, Marks & Spencer and TK Maxx.

The mall sits on a 67-acre freehold site, which also includes 4500 car parking spaces and the largest Tesco in Scotland.

Bosses noted that the centre is currently 78% physically occupied and rent collection from the remaining tenants has stood at 92% for the past quarter.

It’s new owners plan to attract new a new audience that focuses on leisure, food and beverage and experiential retail.

Henderson Park said: “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 circa 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.”