Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
The W Edinburgh extends 174,300 sq ft throughout a 10-storey premises, with unobstructed perspectives over Edinburgh Old Town, Calton Hillside and Holyrood Park. The residence is completely operated by Nuveen Real Estate, and the hotel has even been put up for sale.
St James Quarter is a 1.7 million sq ft mixed-use undertaking that was carried out in 2021. It consists of an 850,000 sq ft retail galleria, and also the 152-unit New Eidyn residential project. The project also features 1,600 off-street carpark spaces.
“The UK remains to be a top priority market for many and today, we are observing particularly strong curiosity in, and intention to open into, the UK hospitality market. Edinburgh is consistently a leading aim for this strategy given its power as both a vacationer and company destination,” claims Emma Steele, supervisor, Global Cross Border Financial Investment, Savills.
“Having spent the previous eight years spending money to create the presently famous quarter in the heart of Edinburgh, the moment has occurred for us to sell our interest according to our larger service program for the improvement,” states Steve Wicks, head of retail, Europe at Nuveen Real Estate.
The mixed-use property development is currently possessed by a 27:75 joint project between the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment firm, APG. Therefore, Nuveen is looking to divest its involvement in the retail and residential component of St James Quarter.
Global realty venture company Nuveen Realty is seeking out a purchaser to get its 25% involvement in St James Quarter, a mixed-use property in Edinburgh, Scotland. It has already enlisted Savills as its overseas marketing representative.
“This is an exceptional chance to obtain an interest in some of the most interesting lifestyle quarters in the UK,” claims Mark Garmon-Jones, director, UK Investment, Savills. He includes: “We’re happy to be working with Nuveen to get an investor seeking to possess a stake in this high-performing possession with finest end premium housing components and a best-in class retail and recreational experience”.
St James Quarter likewise consists of the freehold full-service hotel, the W Edinburgh. The 244-room asset was opened in November 2023 following a long-term accommodation management contract with Marriott International.
She adds that Savills has actually received solid attraction for the accommodation property from Asia Pacific and Middle East-based buyers, along with a range of exclusive and institutional entrepreneurs.
Savills has been jointly appointed with Eastdil, a real estate investment banking institution, to promote the sale of the W Edinburgh.
