Landsec has gone under offer to buy the 1 million-square-foot Silverburn shopping centre near Glasgow, in a transaction revealed by CoStar News in November.
Landsec is in talks to pay in excess of £200 million for the mall.
Henderson Park and Eurofund bought the mall in 2022 from 50:50 joint venture partners Hammerson and Canada Pension Plan Investment Board for £140 million, with Henderson Park the majority investor.
Cushman & Wakefield is advising the vendors while CBRE is advising the potential buyer.
In a stock market announcement in September, Landsec, the UK real estate investment trust with a £10 billion portfolio, said it had sold £295 million of offices, well ahead of schedule, and intends to accelerate capital recycling over the next 12 to 18 months, into major retail schemes.
It has been selling a number of London offices as it refocuses the business towards retail and residential.
In the announcement, Landsec described major retail as its highest conviction call "given the superior income returns and attractive growth in income".
Landsec said in a statement: “In line with our strategy, we've been clear that we're considering various acquisition and disposal opportunities that make financial and strategic sense to the business. Unfortunately we’re not able to comment on individual opportunities or market speculation at this time.”
JLL expects the UK shopping centre market to see investment transactions hit a 10-year high in 2026.
According to JLL, the UK shopping centre market is on track to see 23 deals complete totalling £1.49 billion in 2025. It says it has visibility on another 14 deals that are under offer and set to trade at £925 million and nine deals in the market seeking around £200 million in total.
Landsec said in a statement: "“In line with our strategy, we've been clear that we're considering various acquisition and disposal opportunities that make financial and strategic sense to the business. Unfortunately we’re not able to comment on individual opportunities or market speculation at this time.”
CBRE declined to comment.