Hammerson joint venture acquires Glasgow shopping centre

21st Dec 2009 07:47

Property group Hammerson has entered into a 50:50 joint venture with institutional investor Canada Pension Plan Investment Board to acquire the Silverburn shopping centre near Glasgow. They will pay £148.5m each.The current gross rental income from the shopping centre is £18.4m, a yield of about 6%.'Silverburn is a high quality, modern shopping centre which complements Hammerson's existing portfolio of dominant centres in prime retailing locations,' said Hammerson chief executive David Atkins. 'It provides a good range of retailers in a strong catchment area.'Hammerson already has a large portfolio of shopping centres including the Bullring in Birmingham and Highcross in Leicester.