Hammerson Plc (HMSO.L) and Canada Pension Plan Investment Board, or CPPIB, announced that they have entered into a 50:50 joint venture which has acquired Retail Property Holdings Ltd from The Elementary Property Company Ltd. Retail Property Holdings' main asset is the freehold interest in Silverburn, a 93,000 m² prime regional shopping centre near Glasgow.
The purchase price for the property, including the costs of acquisition, is £297 million, representing a commitment for each party of £148.5 million. Hammerson will be the asset manager for the joint venture.
Silverburn offers opportunities for Hammerson to create value through active asset management. Average prime zone A rents are £140 per square foot, with overall rents passing estimated to be up to 20% below current market rental levels. First rent reviews at the centre start from 2012. In addition there is potential to extend the centre by around 9,300 m², and the acquisition also includes 69,000 m2 of adjacent development land.
Hammerson will fund the acquisition from existing bank facilities which have a margin of 37.5 basis points over LIBOR.
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