APG, TH Real Estate form £1b JV for retail project in Edinburgh
Dutch pension asset manager APG has agreed to acquire a 75 percent stake in the 1.7 million-square-foot Edinburgh St. James retail and leisure center. TH Real Estate will hold the remaining 25 percent stake on behalf of its U.K. Shopping Center Fund, which is a core-plus fund investing in U.K. retail properties that are prime and/or dominant within their city or regional catchment.
TH Real Estate will continue its role as development and asset manager of the project, for which construction will now commence. It will be one of the United Kingdom’s largest private-sector regeneration projects.
The joint venture will commit to develop Edinburgh St. James, which is anticipated to create an investment valued in excess of £1 billion ($1.2 billion). It represents one of the largest investments in Scotland this year.
Edinburgh St. James will comprise 850,000 square feet of retail space, anchored by John Lewis, a multi-screen cinema and a 214-room