John Lewis agrees terms with TH Real Estate for Edinburgh St James.
TH Real Estate has confirmed that the John Lewis Partnership (‘John Lewis’) has agreed terms to anchor the 1.7 million sq ft Edinburgh St James development, one of the largest regeneration projects currently underway in the UK.
The agreement will see John Lewis remain open throughout work on the new scheme and operate a fully refurbished department store as part of the finished St James development.
Edinburgh St James, which will include up to 85 shops and 30 catering units, is expected to attract a range of operators including boutique and independent stores, high street retailers, aspirational brands and high end names, as well as international retailers looking to expand into the UK.
This year has seen significant progress on Edinburgh St James with planning approval secured in July, followed by approval of the central hotel design in August. Construction work is anticipated to commence onsite in early 2016.
Martin Perry, Director of Development at TH Real Estate, said:
The signing of the John Lewis deal is an important milestone and we are delighted that they will anchor the scheme, in addition to remaining open for business throughout construction. It has always been our ambition to deliver a world class destination for Scotland and this important piece of the jigsaw brings us ever closer to starting on site in spring next year
Jeremy Collins, Property Director at John Lewis, added:
We’re delighted to have reached agreement with TH Real Estate for these exciting development proposals at the St James Centre. John Lewis prides itself on providing an excellent shopping experience to its customers, and we will continue to work closely with the developers to ensure that disruption to our shop is minimised where possible as work progresses. We look forward to our shop's full refurbishment being part of Edinburgh’s improved retail experience.
The Edinburgh shop is John Lewis' regional flagship for Scotland. To ensure the store remains trading throughout the demolition and construction period, a series of early enabling works need to be delivered:
A series of essential works are already underway around the site:
A world-class example of city-enhancing place making, Edinburgh St James will see the 1970’s shopping centre currently on site replaced with 850,000 sq ft of retail space, a multi-screen cinema, and a world class hotel comprising up to 210 rooms. Designed by Allan Murray Architects, the completed scheme will move Edinburgh further up the UK retail rankings, from 13th to eighth and will support the city’s tourist industry which contributes an estimated £260m to Edinburgh’s economy each year. Edinburgh St James will also create up to 3,000 permanent jobs and up to 5,000 jobs during the construction period, with completion anticipated for 2020.
CBRE represented TH Real Estate.
TH Real Estate is an established investment management company, specialising in real estate equity and debt investment worldwide. As one of the largest real estate managers in the world, TH Real Estate has the scale, capital resources and knowledge to provide creative and effective real estate investment solutions for clients. With a focus on the retail, office, logistics, debt and residential sectors, TH Real Estate emphasises sustainable practices to protect assets and maximise their value.
The company is owned by TIAA-CREF, a US financial services and Fortune 100 company, with £584bn assets under management*. Launched in April 2014, TH Real Estate has a dedicated global presence with offices across America, Asia and Europe, representing c.£17.4bn* of real estate assets across c.50 funds and mandates. Together with TIAA-CREF’s US real estate assets, the global real estate platform of £55.7bn* represents one of the largest real estate investment management enterprises in the world.
Its products are managed by specialist teams, which apply their own experience to the management and style of their portfolios. Each team is supported by an experienced senior management team and integrated investment platform, including finance, debt and currency management, performance analytics, client service, fund and transaction structuring, development, sustainability and research.< back to news index