Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
The W Edinburgh spans 174,300 sq ft within a 10-storey premises, with unobstructed perspectives over Edinburgh Old Town, Calton Hill and Holyrood Park. The real property is fully managed by Nuveen Real Estate, and the hotel has actually also been offered.
St James Quarter is a 1.7 million sq ft mixed-use property that was accomplished in 2021. It comprises an 850,000 sq ft retail galleria, as well as the 152-unit New Eidyn residential development. The property additionally consists of 1,600 off-street carpark spots.
“The UK continues to be a top priority marketplace for many and now, we are viewing especially strong interest in, and intention to set up into, the UK hospitality market. Edinburgh is consistently a top target for this method granted its power as both a visitor and business location,” says Emma Steele, director, Global Cross Border Financial Investment, Savills.
“Having spent the last eight years investing to create the presently renowned quarter in the heart of Edinburgh, the moment has actually arrived for us to market our interest according to our wider service program for the property development,” claims Steve Wicks, head of retail, Europe at Nuveen Realty.
The mixed-use development is currently possessed by a 27:75 shared business among the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment company, APG. Hence, Nuveen is seeking to divest its involvement in the retail and residential element of St James Quarter.
“This is a remarkable chance to acquire an interest in among the most fantastic lifestyle quarters in the UK,” states Mark Garmon-Jones, director, UK Investment, Savills. He includes: “We’re happy to be teaming up with Nuveen to get a real estate investor wanting to own a stake in this high-performing asset with best end premium residential factors and a best-in class retail and leisure event”.
She includes that Savills has actually gotten solid interest for the accommodation property from Asia Pacific and Middle East-based customers, in addition to a range of private and institutional investors.
Savills has recently been mutually designated with Eastdil, a real estate investment banking institution, to advertise the sale of the W Edinburgh.
St James Quarter likewise includes the freehold full-service hotel, the W Edinburgh. The 244-room property was opened in November 2023 following a long-term hotel administration arrangement with Marriott International.
International property assets company Nuveen Real property is seeking out a purchaser to obtain its 25% stake in St James Quarter, a mixed-use property in Edinburgh, Scotland. It has actually obtained Savills as its international marketing agent.
