Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
The mixed-use property development is at the moment owned by a 27:75 shared business among the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment firm, APG. Therefore, Nuveen is wanting to divest its stake in the retail and housing element of St James Quarter.
St James Quarter is a 1.7 million sq ft mixed-use property that was carried out in 2021. It makes up an 850,000 sq ft retail galleria, as well as the 152-unit New Eidyn residential property development. The project also consists of 1,600 off-street carpark spots.
“Having spent the last 8 years investing to establish the presently well-known quarter in the heart of Edinburgh, the moment has actually come for us to market our interest according to our bigger service system for the development,” states Steve Wicks, head of retail, Europe at Nuveen Real Property.
The W Edinburgh covers 174,300 sq ft within a 10-storey building, with unblocked views over Edinburgh Old Town, Calton Hill and Holyrood Park. The real property is fully managed by Nuveen Real Estate, and the hotel has as well been offered.
“This is a remarkable option to acquire an interest in one of the highly interesting lifestyle quarters in the UK,” claims Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re pleased to be partnering with Nuveen to get a buyer aiming to have a stake in this high-performing property with best end quality housing factors and a best-in class retail and recreational event”.
Savills has been collectively appointed with Eastdil, a real estate investment banking institution, to market the sale of the W Edinburgh.
International property venture company Nuveen Realty is searching for a client to obtain its 25% stake in St James Quarter, a mixed-use property in Edinburgh, Scotland. It has already obtained Savills as its foreign advertising and marketing representative.
“The UK remains to be a top priority marketplace for many and today, we are viewing especially strong curiosity in, and intention to deploy right into, the UK reception sector. Edinburgh is consistently a top target for this strategy granted its strength as both a tourist and company location,” states Emma Steele, director, Global Cross Border Investment, Savills.
St James Quarter also includes the freehold full-service hotel, the W Edinburgh. The 244-room property was opened in November 2023 under a long-term accommodation management contract with Marriott International.
She includes that Savills has actually received solid interest for the accommodation property from Asia Pacific and Center East-based buyers, in addition to a range of nonpublic and institutional investors.