The developer of St James Quarter, Nuveen Real Estate, has off-loaded its 25% stake in St James Quarter to Unibail-Rodamco-Westfield (URW) in a deal which will create a new Westfield destination in the capital next year.

URW has already developed two Westfield shopping centres in London and in Stratford which are the largest in Europe. St James Quarter has 80,000 square metres of shopping and leisure space such as the Everyman Cinema along with 152 apartments, more than half of which have been sold.

The remaining 75% is owned by APG the company which has already collaborated with URW in the other Westfield malls.

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.”

Located in the heart of Edinburgh, St James Quarter ranks among Europe’s twenty highest-footfall retail destinations, and was said to have outstripped the London mall in its first year of opening.

Founding Editor of The Edinburgh Reporter.
Edinburgh-born multimedia journalist and iPhoneographer.

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