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Real Estate & Construction

FINANCIAL CLOSE REACHED ON GBP 1BN EDINBURGH ST JAMES MEGA-PROJECT

Construction work has started on one of the most high-profile regeneration projects in the UK following a decade of negotiations.

In Edinburgh, the St James Shopping Centre and former government offices will be replaced by a state-of- the-art redevelopment: four floors of shopping, dining, leisure and entertainment anchored by a John Lewis flagship store,
car parking, 150 new homes, a multi-screen cinema and a luxury five-star W Hotel.

The financing included Growth Accelerator Model funding – a version of a tax incremental funding scheme – with The City of Edinburgh Council and the Scottish Government. A multi-disciplinary CMS team of over 150 lawyers advised on the property development, planning, compulsory purchase order, private treaty acquisitions, competition, state aid, hotel pre-lettings and construction.

Martin Perry, Director of Development at TH Real Estate, commented, “To get a complex mixed-use investment of over GBP 1bn in value to construction within a world heritage location required an incredible effort from a highly skilled and
talented team.

“CMS was a major part of that team and their skill, experience and dedication performed a central role in securing the investment, without which the project could not have been progressed. As a business we recognise that their contribution on many occasions went significantly beyond the normal service demanded by most clients and for this we are immensely grateful.”

This development will change the landscape of Edinburgh’s East End. It took ten years of hard work and enormous vision from our client to bring to fruition.
Stuart Tait, Partner, CMS Edinburgh

“Our team was spread across four UK offices and multiple practice areas. It is one of the largest and most challenging real estate projects currently under construction in the UK and a fascinating deal to work on.”

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