Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
St James Quarter is a 1.7 million sq ft mixed-use undertaking that was finished in 2021. It comprises an 850,000 sq ft retail galleria, as well as the 152-unit New Eidyn non commercial project. The development even consists of 1,600 off-street carpark spots.
International property assets company Nuveen Real Estate is seeking out a client to get its 25% involvement in St James Quarter, a mixed-use property in Edinburgh, Scotland. It has enlisted Savills as its overseas advertising and marketing representative.
Savills has been mutually designated with Eastdil, a real estate investment bank, to market the sale of the W Edinburgh.
St James Quarter additionally consists of the freehold full-service hotel, the W Edinburgh. The 244-room property was opened in November 2023 following a long-term accommodation management arrangement with Marriott International.
The mixed-use development is at the moment operated by a 27:75 shared business involving the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment company, APG. Thus, Nuveen is looking to divest its involvement in the retail and residential aspect of St James Quarter.
She adds that Savills has obtained solid attention for the accommodation property from Asia Pacific and Center East-based buyers, in addition to a variety of nonpublic and institutional investors.
“Having spent the last 8 years spending money to develop the today renowned quarter in the heart of Edinburgh, the moment has actually occurred for us to offer our interest in line with our bigger business system for the improvement,” states Steve Wicks, head of retail, Europe at Nuveen Realty.
The W Edinburgh covers 174,300 sq ft within a 10-storey establishment, with unobstructed views over Edinburgh Old Town, Calton Hill and Holyrood Park. The residence is totally owned by Nuveen Real Property, and the hotel has actually as well been offered.
“The UK continues to be a priority current market for many and right now, we are viewing especially strong curiosity in, and intent to set up right into, the UK reception field. Edinburgh is always a leading target for this approach given its power as both a traveler and service location,” claims Emma Steele, director, Global Cross Border Financial Investment, Savills.
“This is an exceptional chance to get an interest in among 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 aiming to possess a stake in this high-performing possession with finest end quality non commercial features and a best-in group retail and leisure experience”.
