Eurofund Group and Henderson Park complete Silverburn acquisition

Real estate investment and development company Eurofund has completed its purchase of the Silverburn shopping centre in Glasgow in a joint venture with private equity real estate firm Henderson Park.

The joint venture secured the 100,000 square foot shopping centre in an off-market transaction from Hammerson and Canada Pension Plan Investment Board for 140 million pounds.

Silverburn, which first opened in 2007, is located in Pollok, a wealthy suburb of the UK’s fifth-largest city, Glasgow, and has an affluent catchment area of 2.1 million people. The centre also has strong transport links, with a bus terminal located on-site, and has historically generated consistently high footfall of c.15 million. per annum.

The shopping centre features 125 grocery, retail and leisure units with brands including Next, Marks & Spencer and TK Maxx. In 2015, it added a leisure extension featuring a 14-screen Cineworld and 11 restaurants.

Silverburn acquisition complete

Ian Sandford, president at Eurofund Group, said in a statement: “We are pleased to have had the opportunity to co-invest in Silverburn along with our JV partners at Henderson Park. Silverburn represents a fantastic opportunity to take a good centre and transform it into the leading asset in its catchment. Eurofund’s vision is to utilise our team’s strong asset management and operational expertise to unlock latent value and reposition Silverburn as the leading retail, leisure and F&B destination in Scotland.”

Alberto Esguevillas, Eurofund group chief executive officer UK, added: “Scotland represents a particularly strong retail opportunity in the UK, with Glasgow recently being named one of the two most resilient retail destinations in the country. This is demonstrated in the strong interest we are seeing from retailers and brands wanting to expand or establish a presence in Silverburn.”

Eurofund Group will operate Silverburn shopping centre.