Edinburgh’s landmark £1 billion St James Quarter to get new name after sale deal
“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” – Jean-Marie Tritant, URW
Edinburgh’s St James Quarter is set for a rebrand after the sale of a stake in the £1 billion shopping and leisure complex to a French firm.
Unibail-Rodamco-Westfield (URW) has acquired a 25 per cent stake in the landmark centre, which houses 110 retail, leisure and dining units and 152 apartments, from Nuveen Real Estate on undisclosed terms. Majority owner and pension investor APG is retaining its 75 per cent stake.
Within the new joint venture partnership, URW will manage the centre, adding to its line-up of major shopping centres in cities in the US and Europe. In addition, the Edinburgh centre will be rebranded as a Westfield destination in 2026, the firm said.
St James Quarter was opened in 2021, replacing the earlier enclosed St James Centre, which was demolished.
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Jean-Marie Tritant, chief executive 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 [in London]. 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.”
Further details on the precise naming have yet to be disclosed.
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