June 4, 2024ZARA SNAPS UP FORMER DEBENHAMS UNIT AT SILVERBURN, GLASGOW
Glasgow’s leading retail, F&B and leisure destination has exchanged on a deal that will see global fashion brand, Zara, move into the former Debenhams unit. The new store will be one of Zara’s largest in Scotland
3 June 2024 - Henderson Park, the international private equity real estate firm, and Eurofund Group, a leading pan-European real estate investment and development company, have officially announced that international clothing retailer, Zara, will upsize to a new unit at Silverburn in Glasgow. The upcoming store, situated in the former Debenhams unit, will be one of the retailer's largest in Scotland.
Testament to Henderson Park’s and Eurofund Group’s proactive asset management strategy, the new unit will span 47,000 sq ft over two floors, on a 15-year lease and will transform the existing space with a new façade and flagship design.
As one of the world’s leading fashion brands, Zara’s designers respond instinctively to their customers’ changing needs, reacting to the latest trends and constant feedback to deliver new ideas for everyone, in the right place and at the right moment. The new store will also feature Zara’s latest store concept and integrate online services.
This latest upsize follows other recent announcements at Silverburn, including the addition of retail brands The White Company, TAG Heuer, All Saints, Polestar and Rituals. Other new tenants at the centre, King Pins, Bread Meets Bread and The Real Greek, have further bolstered the already impressive food and beverage and leisure offer, solidifying Silverburn’s status as an integrated premium retail destination.
Christophe Kuhbier, Head of Investments, Europe at Henderson Park, commented: “Zara’s new and enhanced store at Silverburn is a clear illustration of where we see the future of physical retail – a striking, experiential flagship that complements a successful brand’s omnichannel offering. This letting represents a key milestone in the execution of our intended business plan as, in addition to significantly strengthening the asset’s retail offering by leasing up what was the largest vacant unit, it also provides further evidence of the conviction we have held in the shopping centre’s potential from the outset.
“We are in advanced discussions with other premium brands for the remaining vacant space with occupancy expected to hit 92% by year end, compared with 78% on acquisition, underpinning our goal to create stabilised income streams and cement Silverburn’s status as Glasgow’s premier retail and leisure destination.”
Alberto Esguevillas, CEO UK Retail at Eurofund Group, added: “The former Debenhams unit occupies a prominent central position at the scheme. We decided the best option was to deliver three new high quality anchor units that will appeal to leading international brands and diversify the offer for Silverburn’s customer. We are delighted to have secured a new flagship Zara for the space, which will be one of their largest stores in Scotland and are thrilled to see our strategy paying off.
"Since acquisition we have undertaken a proactive strategy to attract some of the world’s leading brands. Across its wider portfolio, 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.
“With such strong, diverse leasing activity taking place, Silverburn’s reputation as the leading retail, F&B and leisure destination in Scotland is becoming firmly cemented. We look forward to making more exciting announcements soon.”
During 2023, Silverburn in Glasgow delivered remarkable growth in sales and customer visits, welcoming over 15 million visitors and boasting double-digit sales growth. Over two years of joint venture ownership Henderson Park and Eurofund Group have agreed over 56 deals, significantly enhancing Silverburn's status as a prime destination.
Time Retail Partners and Culverwell acted on behalf of the JV partnership on the deal and Zara represented itself.
