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 carried out in 2021. It comprises an 850,000 sq ft retail galleria, as well as the 152-unit New Eidyn residential development. The project even features 1,600 off-street carpark slots.
She adds that Savills has actually obtained solid attraction for the accommodation property from Asia Pacific and Center East-based customers, as well as a series of nonpublic and institutional investors.
The mixed-use property development is currently owned by a 27:75 joint business among the Nuveen-managed UK Shopping Center Fund and Dutch pension investment company, APG. Thus, Nuveen is wanting to divest its stake in the retail and residential element of St James Quarter.
“The UK continues to be a priority current market for many and today, we are seeing particularly strong curiosity in, and intent to set up into, the UK accommodation market. Edinburgh is consistently a leading goal for this strategy granted its strength as both a traveler and business location,” claims Emma Steele, supervisor, Global Cross Border Financial Investment, Savills.
St James Quarter also includes the freehold full-service resort, the W Edinburgh. The 244-room asset was opened in November 2023 beneath a continued accommodation administration contract with Marriott International.
Global property assets manager Nuveen Realty is looking for a buyer to acquire its 25% involvement in St James Quarter, a mixed-use plan in Edinburgh, Scotland. It has actually enlisted Savills as its foreign advertising and marketing broker.
“This is an exceptional opportunity to acquire an interest in one of the highly exciting lifestyle quarters in the UK,” claims Mark Garmon-Jones, director, UK Investment, Savills. He includes: “We’re glad to be teaming up with Nuveen to get a real estate investor aiming to have a stake in this high-performing asset with finest end premium residential components and a best-in class retail and recreational event”.
The W Edinburgh spans 174,300 sq ft inside a 10-storey establishment, with unobstructed viewpoints over Edinburgh Old Town, Calton Hillside and Holyrood Park. The residence is completely managed by Nuveen Real Estate, and the hotel has actually also been offered.
“Having spent the previous 8 years investing to establish the today well-known quarter in the heart of Edinburgh, the time has actually arrived for us to offer our interest according to our bigger service plan for the development,” states Steve Wicks, head of retail, Europe at Nuveen Real Property.
Savills has already been jointly designated with Eastdil, a real property investment bank, to market the sale of the W Edinburgh.
