Mon, 29 Nov 2021 | COMMERCIAL PROPERTY
Retail property firm Hammerson is in talks over a potential £140 million sale of the Silverburn shopping centre in Pollok, Glasgow. The sale of the park, which Hammerson originally acquired for approximately £300 million in 2009, comes as the company seeks to sell non-core retail assets.
Hammerson revealed in August that it had adopted the short-term strategy of selling non-core elements of its real estate portfolio, in the wake of several years of dwindling retail property valuations. A sale of Silverburn, which Hammerson operates as a 50-50 joint venture with Canada Pension Plan Investment Board (CPPIB), would enable the firm to improve its balance and “recycle capital for investment”.
A statement from Hammerson read: “There can be no certainty that a transaction will take place, but the company confirms the pricing under discussion is £140 million, which would represent a class 2 transaction. The company will provide a further update in due course, if appropriate.”
Earlier this year, Hammerson sold the remaining parts of its retail park offering, including sites in Falkirk and Middlesbrough, to Brookfield for around £330 million. Hammerson’s most famous site is the Bullring centre in Birmingham.
Hammerson describes Silverburn as offering a “dynamic tenant mix of top brands, fashion favourites, independent boutiques and dining offers.” Along with numerous restaurants and retail stores, the centre also has a cinema and hosts a wide range of events and pop-ups. Covering an approximate internal area of 100k square metres, Hammerson says that Silverburn generates annual footfall of 10.4 million.
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