Westfield owner Unibail-Rodamco-Westfield (URW) has acquired a 25% stake in St James Quarter in Edinburgh.
The deal will see the shopping development rebranded as a Westfield destination next year, marking its third centre in the UK and first outside London.
URW acquired the stake from Nuveen Real Estate, while long-term investor APG retains a 75% holding in the development.
The Westfield owner will manage the asset and leverage its operational capabilities and services, including its retail media agency, Westfield Rise.
St James Quarter currently features over 80 retail, dining and leisure brands, including an Everyman Cinema and more than 150 premium apartments. It ranks among Europe’s 20 highest-footfall retail destinations.
URW chief executive Jean-Marie Tritant 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 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.”
APG head of real estate Europe Robert-Jan Foortse 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 from our collaboration, building on the success of our partnership at Westfield Stratford City.”
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