Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
The mixed-use development is presently operated by a 27:75 joint venture between the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment firm, APG. Therefore, Nuveen is wanting to divest its involvement in the retail and non commercial component of St James Quarter.
“The UK remains to be a priority marketplace for many and now, we are observing especially strong attention in, and motive to set up right into, the UK reception sector. Edinburgh is consistently a top aim for this approach granted its stability as both a tourist and business destination,” says Emma Steele, supervisor, Global Cross Border Financial Investment, Savills.
St James Quarter is a 1.7 million sq ft mixed-use undertaking that was completed in 2021. It consists of an 850,000 sq ft retail galleria, as well as the 152-unit New Eidyn residential development. The property even features 1,600 off-street carpark spots.
“This is an outstanding opportunity to obtain an interest in one of the most fantastic lifestyle quarters in the UK,” states Mark Garmon-Jones, director, UK Investment, Savills. He includes: “We’re glad to be working with Nuveen to look for a client wanting to own a stake in this high-performing possession with top end premium non commercial factors and a best-in class retail and leisure event”.
The W Edinburgh covers 174,300 sq ft within a 10-storey building, with clear views over Edinburgh Old Town, Calton Hill and Holyrood Park. The residence is totally owned by Nuveen Realty, and the hotel has actually as well been put up for sale.
Savills has already been jointly appointed with Eastdil, a real property assets bank, to promote the sale of the W Edinburgh.
St James Quarter also consists of the freehold full-service resort, the W Edinburgh. The 244-room property was opened in November 2023 under a continued accommodation management arrangement with Marriott International.
“Having spent the last eight years spending money to establish the presently well-known quarter in the heart of Edinburgh, the moment has come for us to offer our interest in accordance with our bigger company system for the improvement,” says Steve Wicks, head of retail, Europe at Nuveen Realty.
She includes that Savills has actually received strong interest for the accommodation property from Asia Pacific and Center East-based purchasers, as well as a series of nonpublic and institutional investors.
Global property assets manager Nuveen Real Estate is seeking out a client to obtain 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.
