Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
The mixed-use property development is presently possessed by a 27:75 mutual venture among the Nuveen-managed UK Shopping Center 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.
“This is an outstanding chance to acquire an interest in among the most interesting lifestyle quarters in the UK,” says Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re happy to be working with Nuveen to find a client aiming to own a stake in this high-performing asset with top end premium housing aspects and a best-in class retail and leisure experience”.
“The UK remains to be a top priority market for many and now, we are viewing specifically strong attention in, and motive to deploy right into, the UK reception market. Edinburgh is consistently a top goal for this approach given its stability as both a tourist and company destination,” claims Emma Steele, supervisor, Global Cross Border Financial Investment, Savills.
The W Edinburgh covers 174,300 sq ft inside a 10-storey premises, with unblocked viewpoints over Edinburgh Old Town, Calton Hillside and Holyrood Park. The residential property is fully managed by Nuveen Real Estate, and the hotel has actually also been put up for sale.
St James Quarter additionally includes the freehold full-service resort, the W Edinburgh. The 244-room property was opened in November 2023 following a long-term accommodation management contract with Marriott International.
St James Quarter is a 1.7 million sq ft mixed-use project that was finished in 2021. It comprises an 850,000 sq ft retail galleria, as well as the 152-unit New Eidyn residence project. The development additionally features 1,600 off-street carpark slots.
She adds that Savills has actually obtained strong attention for the accommodation property from Asia Pacific and Middle East-based buyers, in addition to a range of nonpublic and institutional capitalists.
“Having spent the last 8 years investing to establish the presently iconic quarter in the heart of Edinburgh, the moment has actually arrived for us to market our interest in accordance with our broader service system for the improvement,” states Steve Wicks, head of retail, Europe at Nuveen Realty.
Savills has been collectively appointed with Eastdil, a real estate investment banking institution, to promote the sale of the W Edinburgh.
Global property assets manager Nuveen Real property is searching for an investor to acquire its 25% stake in St James Quarter, a mixed-use plan in Edinburgh, Scotland. It has enlisted Savills as its overseas marketing representative.
