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 inside a 10-storey establishment, with clear views over Edinburgh Old Town, Calton Hillside and Holyrood Park. The residential property is totally managed by Nuveen Realty, and the hotel has actually as well been offered.
The mixed-use property development is currently possessed by a 27:75 mutual project between the Nuveen-managed UK Shopping Center Fund and Dutch pension investment firm, APG. Therefore, Nuveen is looking to divest its involvement in the retail and housing element of St James Quarter.
St James Quarter is a 1.7 million sq ft mixed-use project that was completed in 2021. It comprises an 850,000 sq ft retail galleria, as well as the 152-unit New Eidyn residence property development. The property additionally features 1,600 off-street carpark spots.
Global realty investment manager Nuveen Real Estate is seeking out an investor to get its 25% involvement in St James Quarter, a mixed-use plan in Edinburgh, Scotland. It has actually gotten Savills as its international marketing agent.
She includes that Savills has received strong attraction for the accommodation property from Asia Pacific and Center East-based purchasers, along with a range of exclusive and institutional investors.
“Having spent the last eight years investing to develop the today renowned quarter in the heart of Edinburgh, the time has come for us to sell our interest according to our broader company program for the property development,” claims Steve Wicks, head of retail, Europe at Nuveen Realty.
St James Quarter likewise consists of the freehold full-service hotel, the W Edinburgh. The 244-room property was opened in November 2023 following a long-term hotel management arrangement with Marriott International.
Savills has recently been mutually appointed with Eastdil, a real property investment bank, to advertise the sale of the W Edinburgh.
“This is an outstanding opportunity to obtain an interest in some of the best exciting 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 an investor looking to have a stake in this high-performing possession with best end premium residence factors and a best-in group retail and recreational experience”.
“The UK continues to be a consideration market for many and today, we are observing particularly strong curiosity in, and intention to open right into, the UK reception market. Edinburgh is often a leading target for this strategy given its power as both a vacationer and organization destination,” states Emma Steele, director, Global Cross Border Investment, Savills.
