Unibail-Rodamco-Westfield (URW) has acquired Nuveen Real Estate’s 25% stake in the St James Quarter scheme in Edinburgh for an undisclosed price.
The mixed-use development, which is majority owned (75%) by APG, comprises 110 retail, leisure and dining units alongside 152 built-to-sell apartments.
The new joint venture partnership will see URW manage the centre, which will be rebranded as a Westfield destination next year.
Jean-Marie Tritant, chief executive officer at URW, said: “St James Quarter is a high quality, fully redeveloped asset that perfectly aligns with our strategy to operate and grow dominant flagship destinations in key urban markets. This accretive transaction also supports with the group’s ‘A Platform for Growth’ 2025-28 business plan, enabling us to expand our presence through a minority stake alongside APG, a strategic long-term partner. Together, we will elevate the asset’s performance by leveraging our retail operations and media expertise, as well as bringing the globally recognised Westfield brand to the destination.”
Robert-Jan Foortse, head of real estate Europe at APG, added: “Since its opening in 2021, St James Quarter has consistently strengthened its operational performance, establishing itself among the UK’s leading shopping destinations. The acquisition marks an exciting new chapter for the centre which will benefit from URW’s operational expertise and innovative services, as well as for our collaboration, building on the success of our partnership at Westfield Stratford City.
“APG is pleased to continue our strong relationship with URW as we pursue shared ambitions and long-term value creation, both for our joint investments and for St James Quarter in particular.”
