Mall on block
Hammerson in talks to sell Silverburn in £140m deal
Shops for sale: the centre is subject to talks
Silverburn shopping centre near Glasgow is expected to be sold after its its co-owner Hammerson confirmed it is in talks.
The centre is held in a 50/50 joint venture with Canada Pension Plan Investment Board.
Hammerson told property sources that the price was in the region of £140m – about half the sum it paid for the Pollok-based precinct in 2009.
It told Property Week: “The company confirms that it is in discussions on terms of a possible disposal of Silverburn, its flagship destination near Glasgow, which is held in a 50/50 JV with CPPIB.
“There can be no certainty that a transaction will take place, but the company confirms the pricing under discussion is £140m.”
The group added any sale would help to strengthen its balance and enable it to “recycle capital for investment”.
Hammerson sold retail sites in Falkirk and Middlesbrough, among others, to Canadian investor Brookfield for £330m as part of its disposal programme.