The Canada Pension Plan Investment Board snapped up a Scottish shopping mall Monday, partnering with an English fund Hammerson on the $479-million deal.
The Silverburn mall, which opened in 2007, is a single-level covered centre anchored by Debenhams, M&S, New Look, Next and Tesco Extra. It provides 94 retail units let to high quality retailers, has an occupancy level of 98 per cent, and an average unexpired lease term of over 12 years. The centre attracts approximately 14 million customers per year.
"This transaction represents a unique opportunity to acquire a high quality asset alongside one of the top retail developers and operators in Europe," said Graeme Eadie, senior vice-president of real estate investments for CPPIB. "We are delighted to be partnering with Hammerson as co-investor and manager, given their proven track record in managing similar assets."