Page last updated at 13:36 GMT, Monday, 21 December 2009

Silverburn shopping centre bought for £300m

Silverburn - Image by Johnny Durnan (licensed under Creative Commons Licence)
Silverburn was valued at £350m back in 2007

One of Scotland's largest shopping centres has been bought for £300m.

The Silverburn centre in south Glasgow was purchased by real estate company Hammerson, in partnership with Canada Pension Plan Investment Board.

Silverburn was previously owned by Retail Property Holdings, an offshore firm headed by tycoon Paul Green.

The one million sq ft centre, next to the M77 motorway, opened two years ago at a cost of about £350m. It has 94 shops and restaurants.

David Atkins, chief executive of Hammerson, said: "Silverburn is a high quality, modern shopping centre which complements Hammerson's existing portfolio of dominant centres in prime retailing locations.

"It provides a good range of retailers in a strong catchment area.

"Regional centres like Silverburn have shown strong performance in their first 10 years of operation and we believe that by applying our skills at asset management and optimising the tenant mix we can increase retail sales and achieve good growth from this asset."

Hammerson has 32 other shopping centres throughout Britain, including the new Union Square in Aberdeen.

Silverburn is understood to have been placed on the market after Lloyds Banking Group, the main lender, called in administrators following a fall in property prices.



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