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Edinburgh city center mall obtains two new outlets



A city center mall in Edinburgh has obtained two new outlets as it prepares for renovation.
The Post Office has been attracted to Princes Mall and will be moving from the St James Center.  Sainsbury’s will also enter the mall next to Waverley Station.  

Catalyst Capital, a development company from London, purchased the mall from the company owned by Sir David Murray, the former owner of Rangers, during the early part of this year.  The mall formed part of a 10-property portfolio from the Premier Property Group (PPG) which was sold for £43.1m.  It is believed that PPG paid £37m for it 10 years ago.

Business will continue as normal while the £3m refurbishment continues.

The company formally known as Henderson Global Investors, now called TIAA Henderson Real Estate, is the owner of St James Center in Edinburgh and is set to commence work next year on an £850m renovation project, including the removal of a tower.

TIAA, which is also based in London, purchased the building during 2006 for £184m, and has plans to envelop the John Lewis building with the 70 or more shops currently in the center, offices, a public square, flats, cafes and a minimum of one luxury hotel which is being planned next to the playhouse theatre.  
More plans will be released later this month at a public forum to be held at the Glasshouse at Greenside Row.

The Sainsbury’s store is due to open during December, with the Post office set to open at the start of November.

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