The owners of the 1.1M SF Silverburn shopping centre in Glasgow have refinanced the asset with a new loan after the value of the building rose more than £100M since its purchase four years ago, Bisnow can reveal.
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Henderson Park and Eurofund received a new £168M loan secured against the building from Blackstone’s debt business. The loan-to-value ratio on the new debt is 66%, putting the new valuation of the building at around £250M.
The joint venture bought the building from Hammerson and the Canada Pension Plan Investment Board in early 2022 for about £140M, indicating a significant valuation uplift since it was purchased.
The owners, led by asset manager Eurofund, have increased the occupancy significantly, from around 75% at the time of purchase to 97% at the end of 2025, and net operating income for the property has doubled. A record 16.5 million people visited the centre in 2025, the owners said.
Brands the centre added in 2025 include Bershka, Hollister, Pull & Bear, Stradivarius, Haribo and Wingstop.
Meanwhile, values on prime shopping centres have risen since 2022 as investors with a lower cost of capital like Landsec, former Silverburn owner Hammerson and U.S. REIT Realty Income have come into the market.
Landsec was in talks to buy Silverburn earlier this year before the deal collapsed. That sale would have been at the lower value of £200M.
Value-add fund manager Henderson Park is raising equity for its third European fund, Bloomberg reported, and the refinancing is a positive signal that such funds can make money in a tough market. The Kuwait Investment Authority has been a significant backer of Henderson Park’s funds in the past.
Eurofund, run by retail and living veteran Ian Sandford, made its name in Spanish and Portuguese shopping centres before moving into the UK just after the pandemic.
In May, it undertook its first UK deal using its own capital, buying the 570K SF Broadway shopping centre in Bradford for £70M and beginning a £10M capital expenditure programme.
All parties declined to comment.
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