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.
One of the best ways to find properties below market price is to look at recent administrations.
Amazing deal in this long-established community store offering excellent range of products and services.
LEASEHOLD
Superbe opportunity to acquire this very well established trade with widespread reputation and client base, offering extensive new and premium quality pre-owned vehicle range from secure and well maintained 0.8 acre site.
FREEHOLD
The business is a well known operator in the Northeast of England, a specialist in car sales, finance and van rental having been in business since 1995.
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