Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
Global realty assets company Nuveen Real property is searching for a client to acquire its 25% stake in St James Quarter, a mixed-use property in Edinburgh, Scotland. It has obtained Savills as its international advertising and marketing broker.
The W Edinburgh spans 174,300 sq ft within a 10-storey establishment, with unblocked views over Edinburgh Old Town, Calton Hillside and Holyrood Park. The residential property is totally owned by Nuveen Realty, and the hotel has as well been offered.
Savills has recently been mutually appointed with Eastdil, a real property investment banking institution, to advertise the sale of the W Edinburgh.
“This is a remarkable chance to obtain an interest in among the best interesting lifestyle quarters in the UK,” claims Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re happy to be teaming up with Nuveen to look for a real estate investor wanting to own a stake in this high-performing asset with best end quality residential factors and a best-in group retail and leisure event”.
She includes that Savills has received strong attention for the accommodation property from Asia Pacific and Middle East-based purchasers, along with a series of nonpublic and institutional entrepreneurs.
“Having spent the previous 8 years spending money to develop the today renowned quarter in the heart of Edinburgh, the time has actually arrived for us to offer our interest in line with our wider service program for the improvement,” claims Steve Wicks, head of retail, Europe at Nuveen Real Property.
The mixed-use development is currently operated by a 27:75 shared business between the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment company, APG. Therefore, Nuveen is wanting to divest its stake in the retail and housing component of St James Quarter.
St James Quarter is a 1.7 million sq ft mixed-use project that was accomplished in 2021. It comprises an 850,000 sq ft retail galleria, as well as the 152-unit New Eidyn residence property development. The project additionally consists of 1,600 off-street carpark slots.
“The UK continues to be a consideration market for many and right now, we are seeing especially solid attention in, and motive to deploy right into, the UK reception market. Edinburgh is often a leading goal for this strategy granted its stability as both a traveler and company destination,” claims Emma Steele, director, Global Cross Border Investment, Savills.
St James Quarter likewise contains the freehold full-service hotel, the W Edinburgh. The 244-room asset was opened in November 2023 following a long-term accommodation management agreement with Marriott International.
