Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
The W Edinburgh covers 174,300 sq ft inside a 10-storey premises, with unblocked viewpoints over Edinburgh Old Town, Calton Hill and Holyrood Park. The property is fully managed by Nuveen Real Estate, and the hotel has actually as well been offered.
“This is an exceptional chance to get an interest in some of the most exciting lifestyle quarters in the UK,” claims Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re pleased to be working with Nuveen to look for a client seeking to own a stake in this high-performing possession with top end quality residential factors and a best-in class retail and leisure experience”.
International real estate assets manager Nuveen Real Estate is searching for a purchaser to get its 25% involvement in St James Quarter, a mixed-use plan in Edinburgh, Scotland. It has enlisted Savills as its foreign marketing representative.
The mixed-use property development is at the moment possessed by a 27:75 shared project between the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment firm, APG. Hence, Nuveen is wanting to divest its stake in the retail and housing component of St James Quarter.
“The UK remains to be a priority market for many and today, we are viewing especially strong interest in, and intention to set up right into, the UK reception sector. Edinburgh is always a leading target for this strategy given its stability as both a tourist and company destination,” states Emma Steele, supervisor, Global Cross Border Investment, Savills.
She includes that Savills has obtained solid interest for the hotel property from Asia Pacific and Middle East-based buyers, as well as a variety of private and institutional investors.
St James Quarter is a 1.7 million sq ft mixed-use undertaking that was accomplished in 2021. It comprises an 850,000 sq ft retail galleria, as well as the 152-unit New Eidyn residence property development. The property also includes 1,600 off-street carpark slots.
“Having spent the previous eight years spending money to develop the today renowned quarter in the heart of Edinburgh, the moment has arrived for us to sell our interest in accordance with our bigger service plan for the improvement,” claims Steve Wicks, head of retail, Europe at Nuveen Realty.
St James Quarter also contains the freehold full-service resort, the W Edinburgh. The 244-room property was opened in November 2023 beneath a continued accommodation administration arrangement with Marriott International.
Savills has already been collectively appointed with Eastdil, a real property investment bank, to advertise the sale of the W Edinburgh.
