On Tuesday, industry publications Estates Gazette and CoStar reported that Landsec is set to purchase a majority stake in the Silverburn shopping centre near Glasgow.
The property developer, which owns Buchanan Galleries, is said to have made an offer for the 1.5m square foot property to current owners Henderson Park and Eurofund.
It has been reported that Silverburn is under offer. (Image: Colin Mearns)
The group had acquired the centre, which was recently named as the UK’s ‘Retail Destination of the Year’, from partners Hammerson and Canada Pension Plan Investment Board for £140m in December 2021.
During the three-year joint venture, Henderson Park and Eurofund have completed more than 60 leasing deals, welcoming a record 16.5m visitors last year.
A spokesperson from Landsec told Estates Gazette: “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.”
CoStar reported that the firm was in ‘early talks’ to purchase the shopping centre in November.
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Tuesday’s news comes two months after the Braehead shopping centre was sold to high street giant Frasers Group in a deal worth a similar amount of money.
At the time, Frasers chief Michael Murray said: “This acquisition is an important step in delivering our property ambitions and accelerating the Elevation Strategy.
“It cements the group’s position as a leading operator and champion of physical retail destinations while unlocking greater opportunities to serve communities with the best brands, environments and experiences possible.”
