Redical Holdings’ proposed acquisition of Nuveen’s 25% stake in the 850,000 sq ft retail element of Edinburgh’s £1bn St James Quarter has collapsed.
Last September, Estates Gazette revealed that the retail investor, founded by Mikko Syrjanen and Petteri Barman in 2020, was under offer to acquire the stake for £75m.
However, it is understood the deal has now fallen through and Redical is no longer involved in the process, although a source familiar with the deal said the company remained interested in the asset.
The remaining 75% of the £1bn development is owned by Dutch pension fund APG.
When the stake was brought to market last year, Hammerson and Landsec were also among the leading bidders.
Anchored by John Lewis, the mall is one of the UK’s last major shopping centre developments and is regarded as one of the best performing, attracting over 18m visitors annually.
Redical’s UK portfolio includes the 200,000 sq ft Victoria Leeds (acquired from Hammerson for £120m in 2022), the 500,000 sq ft Liberty Romford (bought for around £80m), and Liverpool’s 185,000 sq ft Clayton Square, purchased in 2021.
Photo © Savills
Send feedback to Shifali Gorka
Follow Estates Gazette
