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 its 45,000sq 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 9 months of ownership and management of Silverburn by Eurofund.
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 joint venture 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.
Alex Coffey, Eurofund Group UK’s Commercial Director, commented, “The ongoing improvements to Silverburn 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 4k 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 is deploying its capital, expertise and experience to elevate and reposition the leading destinations it invests in—and Silverburn is a great example of this.”
