Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
Savills has recently been jointly appointed with Eastdil, a real property investment bank, to advertise the sale of the W Edinburgh.
“The UK continues to be a consideration marketplace for many and today, we are seeing especially solid curiosity in, and intent to deploy into, the UK reception sector. Edinburgh is consistently a top goal for this approach granted its power as both a visitor and business location,” claims 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 makes up an 850,000 sq ft retail galleria, and also the 152-unit New Eidyn residential development. The project even features 1,600 off-street carpark spots.
The mixed-use development is presently operated by a 27:75 mutual business between the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment firm, APG. Hence, Nuveen is wanting to divest its involvement in the retail and residential element of St James Quarter.
She includes that Savills has gotten strong attraction for the accommodation property from Asia Pacific and Center East-based purchasers, in addition to a range of nonpublic and institutional capitalists.
St James Quarter also contains the freehold full-service resort, the W Edinburgh. The 244-room property was opened in November 2023 following a long-term accommodation administration contract with Marriott International.
International real estate assets company Nuveen Real Estate is looking for a purchaser to get its 25% stake in St James Quarter, a mixed-use project in Edinburgh, Scotland. It has already gotten Savills as its international advertising and marketing representative.
“Having spent the previous 8 years investing to create the presently renowned quarter in the heart of Edinburgh, the time has occurred for us to market our interest in accordance with our broader service plan for the improvement,” states Steve Wicks, head of retail, Europe at Nuveen Realty.
The W Edinburgh extends 174,300 sq ft inside a 10-storey establishment, with unobstructed perspectives over Edinburgh Old Town, Calton Hillside and Holyrood Park. The residence is completely managed by Nuveen Realty, and the hotel has as well been put up for sale.
“This is a remarkable option to acquire an interest in among the most fantastic lifestyle quarters in the UK,” says Mark Garmon-Jones, director, UK Investment, Savills. He includes: “We’re delighted to be partnering with Nuveen to look for an investor wanting to own a stake in this high-performing property with finest end premium non commercial factors and a best-in group retail and leisure event”.
