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 premises, with unobstructed perspectives over Edinburgh Old Town, Calton Hillside and Holyrood Park. The residence is completely owned by Nuveen Real Estate, and the hotel has actually even been offered.
The mixed-use property development is at the moment owned by a 27:75 shared venture among the Nuveen-managed UK Shopping Center Fund and Dutch pension investment company, APG. Hence, Nuveen is looking to divest its involvement in the retail and non commercial aspect of St James Quarter.
“This is a remarkable option to get an interest in among the highly exciting lifestyle quarters in the UK,” says Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re delighted to be partnering with Nuveen to find a buyer seeking to possess a stake in this high-performing possession with finest end quality non commercial factors and a best-in class retail and recreational event”.
“Having spent the previous 8 years investing to create the today iconic quarter in the heart of Edinburgh, the moment has actually occurred for us to market our interest in line with our broader business program for the improvement,” claims Steve Wicks, head of retail, Europe at Nuveen Real Estate.
She adds that Savills has actually received strong interest for the accommodation property from Asia Pacific and Center East-based purchasers, along with a variety of nonpublic and institutional capitalists.
St James Quarter is a 1.7 million sq ft mixed-use property that was carried out in 2021. It consists of an 850,000 sq ft retail galleria, as well as the 152-unit New Eidyn residential property development. The property also includes 1,600 off-street carpark spots.
International real estate assets manager Nuveen Realty is seeking out a buyer to obtain its 25% stake in St James Quarter, a mixed-use project in Edinburgh, Scotland. It has gotten Savills as its foreign advertising and marketing representative.
St James Quarter likewise contains the freehold full-service hotel, the W Edinburgh. The 244-room asset was opened in November 2023 under a long-term accommodation management agreement with Marriott International.
Savills has already been collectively designated with Eastdil, a real property assets banking company, to advertise the sale of the W Edinburgh.
“The UK continues to be a priority market for many and today, we are observing particularly solid interest in, and intent to open into, the UK hospitality sector. Edinburgh is always a top goal for this method given its power as both a traveler and company destination,” states Emma Steele, supervisor, Global Cross Border Financial Investment, Savills.
