Buyer revealed for Nuveen’s £1bn Edinburgh St James
Redical Holdings, the retail investor set up by Mikko Syrjanen and Petteri Barman in 2020, is frontrunner in the race to buy one of the best shopping centres in the UK.
The firm is under offer to buy a stake in the 850,000 sq ft retail element of St James Quarter in Edinburgh for around £75m.
Nuveen put its 25% stake in the 1.7m sq ft St James up for sale in June, alongside the freehold of the 244-bedroom W Edinburgh hotel. The remaining 75% of the £1bn development is owned by Dutch fund APG.
Redical Holdings, the retail investor set up by Mikko Syrjanen and Petteri Barman in 2020, is frontrunner in the race to buy one of the best shopping centres in the UK.
The firm is under offer to buy a stake in the 850,000 sq ft retail element of St James Quarter in Edinburgh for around £75m.
Nuveen put its 25% stake in the 1.7m sq ft St James up for sale in June, alongside the freehold of the 244-bedroom W Edinburgh hotel. The remaining 75% of the £1bn development is owned by Dutch fund APG.
Redical is understood to have seen off competition for the shopping centre from listed firms Hammerson and Landsec.
The John Lewis-anchored mall is one of the last newly developed shopping centres in the UK and is widely regarded as one of the best-performing, benefiting from a footfall of more than 18m visitors per annum.
The scheme will add to Redical’s growing portfolio in the UK, which includes the 200,000 sq ft Victoria Leeds, which it bought from Hammerson for £120m in early 2022; the 500,000 sq ft Liberty Romford, which it bought in 2022 for around £80m; and the 185,000 sq ft Clayton Square, in Liverpool, which it bought in 2021.
Savills is advising Nuveen on the retail element of the St James sale and is working with Eastdil Secured on the sale of the W. Knight Frank acts for Redical.
All parties declined to comment.
Photo from Savills
