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Silverburn Shopping Center. Credit: Hammerson

Hammerson sells Silverburn shopping center to Henderson Park

Hammerson announced it has completed sales of six non-core assets for total gross cash proceeds of ~ €107.7m since the half year. The largest constituent is the exchange an unconditional contract for the sale of Silverburn, a 100,000 sq m shopping center near Glasgow.

Henderson Park purchased the shopping center from 50/50 joint venture partners Hammerson and Canada Pension Plan Investment Board for €164.8 million. Silverburn Shopping Center opened in 2007 and has added a leisure extension in 2015; it offers 125 shops and 4, 500 parking spaces, with the largest Tesco in Scotland as one of the main tenants. 

The other five assets sold totaling over €25.7 million represent a collection of non-strategic commercial and retail assets which were sold at a premium to 30 June 2021 book values. Together with minority stake disposals of French and UK assets (~ €85.8m) and the UK Retail Parks portfolio (~ €386.4m) sold in the first half of the year, the transactions announced today take Hammerson’s total gross proceeds from sales in 2021 to ~ €579.7 million.