Hammerson PLC in talks to sell flagship Scottish site

Hammerson PLC (LSE:HMSO), the shopping centre landlord, said it is in talks to sell one of its flagship destinations, Silverburn, which is based near Glasgow.

The company announced at its half-year results in August that the disposal of non-core assets is its main priority in order to strengthen its balance sheet, re-balance its portfolio and to recycle capital for investment.

Hammerson (LSE:HMSO), which holds Silverburn in a 50/50 joint venture with The Canada Pension Plan Investment Board, said if a sale were to be made it would be at a price of roughly £140mln.

The company said it is not certain that the asset will be sold, but an update will be made in the near future.

Silverburn provides Glaswegians with a “dynamic mix of top brands, fashion favourites, independent boutiques and dining offers”, according to the company, and has an annual footfall of approximately 10.4mln people who spend 82 minutes there each, on average.