Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
Global real estate venture company Nuveen Real property is looking for a buyer to get its 25% stake in St James Quarter, a mixed-use plan in Edinburgh, Scotland. It has actually obtained Savills as its overseas marketing broker.
“Having spent the previous eight years spending money to develop the now famous quarter in the heart of Edinburgh, the time has arrived for us to sell our interest in accordance with our larger company system for the development,” claims Steve Wicks, head of retail, Europe at Nuveen Real Property.
St James Quarter is a 1.7 million sq ft mixed-use property that was completed in 2021. It consists of an 850,000 sq ft retail galleria, together with the 152-unit New Eidyn residential project. The project additionally includes 1,600 off-street carpark slots.
The W Edinburgh extends 174,300 sq ft inside a 10-storey building, with unblocked viewpoints over Edinburgh Old Town, Calton Hillside and Holyrood Park. The real property is fully owned by Nuveen Realty, and the hotel has actually even been offered.
“This is an exceptional opportunity to acquire an interest in among the most interesting lifestyle quarters in the UK,” states Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re delighted to be teaming up with Nuveen to look for a real estate investor seeking to own a stake in this high-performing property with best end premium non commercial factors and a best-in class retail and recreational experience”.
She adds that Savills has received strong interest for the accommodation property from Asia Pacific and Middle East-based purchasers, as well as a range of nonpublic and institutional entrepreneurs.
St James Quarter additionally contains the freehold full-service hotel, the W Edinburgh. The 244-room asset was opened in November 2023 beneath a continued hotel management contract with Marriott International.
The mixed-use property development is presently possessed by a 27:75 joint project involving the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment firm, APG. Thus, Nuveen is seeking to divest its involvement in the retail and non commercial aspect of St James Quarter.
“The UK continues to be a priority marketplace for many and now, we are seeing particularly strong curiosity in, and motive to open right into, the UK reception field. Edinburgh is always a leading aim for this strategy granted its stability as both a tourist and business destination,” states Emma Steele, director, Global Cross Border Financial Investment, Savills.
Savills has been jointly designated with Eastdil, a real property investment banking institution, to market the sale of the W Edinburgh.
