Within the new joint venture partnership, URW will manage the asset, adding to its platform of dominant shopping centers in major cities in the US and Europe. In addition, the center will be rebranded as a Westfield destination in 2026, as it leverages URW’s outstanding operational capabilities, as well as innovative services including those provided by in-house retail media agency Westfield Rise. This will generate additional income for URW, including asset management and retail media fees.
St James Quarter
110 retail, leisure and dining units
80,300 sqm
152 premium built-to-sell apartments from Nuveen Real Estate
Stakeholder Statements
“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.”
Jean-Marie Tritant, Chief Executive Officer at URW
“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.”
Robert-Jan Foortse, Head of Real Estate Europe at APG
