Hammerson confirms £140m talks to sell Silverburn

Hammerson plc confirmed on Monday it is in discussions for a possible £140 million sale of Silverburn, its flagship shopping centre on the south side of Glasgow, which is held in a 50-50 joint venture with Canada Pension Plan Investment Board (CPPIB.)

“Hammerson plc notes recent press speculation,” said the company.

“As highlighted at the company’s half year results in August, disposals of non-core assets remains a near-term priority to continue to strengthen the balance sheet, re-balance the portfolio and to enable the group to re-cycle capital for investment.

“The company confirms that it is in discussions on terms of a possible disposal of Silverburn, its flagship destination near Glasgow, which is held in a 50/50 JV with CPPIB.

“There can be no certainty that a transaction will take place, but the company confirms the pricing under discussion is £140m, which would represent a class 2 transaction.

“The company will provide a further update in due course, if appropriate.”