URW acquires stake in Edinburgh’s St James Quarter and will rebrand as Westfield

Unibail-Rodamco-Westfield (URW), the parent company of shopping centre chain Westfield, has acquired a 25 percent stake in Edinburgh’s mixed-use destination, St James Quarter, from Nuveen Real Estate.

The move forms a new joint venture with majority owner APG, which retains its 75 percent stake in the 110 retail, leisure and dining destination, as well as 152 premium built-to-sell apartments.

In a statement, URW said it will manage the asset, adding St James Quarter to its portfolio of 66 shopping centres in 11 countries, including major cities in the UK, the US and Europe.

The Edinburgh location, which is located in the heart of the city and ranks among Europe’s twenty highest-footfall retail destinations, will be rebranded as a Westfield destination in 2026, marking the company’s first outside London.

Under the new partnership, URW will leverage its retail operations and expertise, such as those provided by its in-house retail media agency, Westfield Rise, to “generate additional income for URW, including asset management and retail media fees”.

Westfield is coming to Scotland following URW acquiring 25 percent stake in St James Quarter in Edinburgh

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 in 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.”

URW operates 66 shopping centres, including 40 which carry the Westfield brand. These centres attract over 900 million visits annually. Its 49 billion US dollar portfolio is 88 percent in retail, 5 percent in offices, 6 percent in convention and exhibition venues, and 2 percent in services, as at June 30, 2025.