Silverburn agrees new leases, as well as upgrading and upscaling existing tenancies—including Next, Victoria’s Secret, Sunglasses Hut, The Real Greek, Hobbs and The Body Shop.
London, 31 January 2023 – Eurofund Group, the international real estate investment and development company behind numerous successful projects in continental Europe, is happy to announce that it has agreed a deal with Next to renew and refit the brand’s 45,000 sq ft store at Silverburn, Glasgow. The refit will also bring a new Bath and Body Works concession to the centre and a new Victoria’s Secret branded store. Along with new lettings and extension of leases from existing tenants, this means more than 25 new deals have been agreed during the first 10 months of ownership and management of Silverburn by Eurofund Group.
Renewing, upgrading and upscaling existing tenancies forms the cornerstone of Eurofund Group’s strategy to turn Silverburn into West Scotland’s premier retail destination. Eurofund Group acquired Silverburn in a strategic partners with Henderson Park in March, making the centre the first UK-based retail destination in its European portfolio.
Strong start to 2023
Alongside the latest agreement with Next, new lettings have also been signed with Sunglasses Hut and The Real Greek, driving the improvement and diversification of the tenant mix at the centre. Several existing tenants, including Hobbs and The Body Shop, have also agreed to extend their leases and invest in new store designs.
January has also seen the opening of an all-new Polestar store at Silverburn. The award-winning luxury Swedish automotive brand moves into a converted high-tech showroom space, designed to best showcase its innovative electric vehicles—further transforming the centre’s retail mix.
Alex Coffey, Eurofund Group UK’s Commercial Director, commented, “The ongoing improvements to the centre continue to attract and secure these exciting tenants, further bolstering the premium retail and leisure offering available at the centre. With a continued program of upgrading and upscaling, we look to cement Silverburn’s reputation as an unmissable destination for customers and retailers alike.”
Eurofund Group’s vision for Silverburn
The 1.07 million sq ft (100,000 sq m) shopping centre has seen several major international brands arrive in the ten months since it was acquired by Eurofund Group and Henderson Park – with new openings including The White Company, Doner Shack, TAG Heuer, Heavenly Deserts, Decathlon, and an upgraded M&S food hall. Additionally, in October 2022, Silverburn also added to its burgeoning leisure offering with the opening of Scotland’s first laser-screen IMAX Cinema.
Beyond the aforementioned brands, the retail destination is also undergoing renovations and upgrades for current tenants including Clarks, Claires, O2, Office, and Boux Avenue. These renovations will add an aggregate rent of nearly £1 million, and boost the shopping quality, variety and experience at Silverburn.
The success of Eurofund Group’s strategy is evident in Silverburn’s progress, with sales showing improvement in 2022 compared to previous years, and footfall tracking already above 2019.
Alberto Esguevillas, CEO UK Retail, added, “Glasgow’s Silverburn already holds a prominent position in the area, and we are delighted to see the centre continuing to perform well. Eurofund Group will deploy its capital, expertise and experience to elevate and reposition the leading destinations it invests in—and Silverburn is a great example of this.”
Contact details
Inés Palacio, Innesco
[email protected]
+44 7774 233120
Dan Innes, Innesco
[email protected]
+44 7973 387 545
About Eurofund Group
Eurofund Group is an investment and development company operating in Spain, Portugal, UK and Italy. The group includes Eurofund Retail a Living division that already operates as Tribu, (a co-living space in London) and they are soon planning to invest in Senior Living projects, and The Hood, an innovative anti-mall concept that combines street food, leisure, and cultural activities already operating in Lisbon.
Some of the company’s most notable projects include Puerto Venecia Zaragoza, voted the best shopping center in the world at MAPIC 2013; the acquisition of UBBO (formerly Dolce Vita Tejo) in Lisbon, where Eurofund Group has transformed it into the first Shopping Resort in Portugal; and the recent acquisition of Silverburn, the benchmark shopping center in Glasgow, UK. (Italy market)
For more information about Eurofund Group, please visit: www.eurofundgroup.com
About Silverburn
Located in Pollok, a wealthy suburb of the UK’s fifth largest city, Silverburn is Glasgow’s newest and highest quality shopping centre with an affluent catchment area of 2.1m people. The centre, which first opened in 2007, has historically generated consistently high footfall of c.15 million. per annum is anchored by a 14-screen Cineworld, 11 new eateries, and total of 120 prime occupiers.
