A 50% stake in the 1 million-square-foot Silverburn shopping centre near Glasgow is coming to market with a price of up to £85 million expected to be achieved, CoStar News can reveal.
Cushman & Wakefield has been appointed on the sale.
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. It is now seeking a co-investor.
Hammerson and Canadian Pension Plan Investment Board bought the freehold interest from Retail Property Holdings for £297.5 million, reflecting a net initial yield of 6%, in 2009.
Silverburn opened in 2007 and comprises 125 grocery, retail and leisure units including Next, Zara, Harrods' H-Beauty, Marks & Spencer and TK Maxx. The leisure extension, which was completed in 2015, added a 14-screen Cineworld and 11 restaurant units including Pizza Express, Five Guys and TGI Fridays. The centre sits on a 67-acre freehold site, which also includes 4,500 car parking spaces and the largest Tesco in Scotland, under a long leasehold interest.
Henderson Park and Eurofund Group have had significant success filling up vacancies and bringing in new brands. In November they announced Harrods-owned H beauty had completed a deal to occupy a 22,500-square-foot chunk of the former Debenhams unit. Spanish fashion brand Zara also doubled its footprint at the scheme after it moved into the former Debenhams department store.
Other recent signings include The White Company, TAG Heuer, All Saints, Polestar and Rituals.
At the end of last year, Henderson Park said it had agreed more than 56 deals in its two years of ownership.