Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
International realty assets manager Nuveen Realty is seeking out a buyer to acquire its 25% stake in St James Quarter, a mixed-use property in Edinburgh, Scotland. It has enlisted Savills as its overseas advertising broker.
“Having spent the last eight years investing to create the today iconic quarter in the heart of Edinburgh, the moment has arrived for us to sell our interest in accordance with our larger company program for the development,” claims Steve Wicks, head of retail, Europe at Nuveen Real Property.
The W Edinburgh extends 174,300 sq ft inside a 10-storey premises, with clear views over Edinburgh Old Town, Calton Hill and Holyrood Park. The residence is fully owned by Nuveen Realty, and the hotel has actually as well been put up for sale.
“This is a remarkable option to get an interest in some of the best interesting lifestyle quarters in the UK,” states Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re happy to be teaming up with Nuveen to get a real estate investor wanting to possess a stake in this high-performing asset with finest end premium residential features and a best-in class retail and recreational event”.
St James Quarter is a 1.7 million sq ft mixed-use project that was completed in 2021. It consists of an 850,000 sq ft retail galleria, and also the 152-unit New Eidyn residential project. The project also features 1,600 off-street carpark spots.
She adds that Savills has actually obtained solid interest for the accommodation property from Asia Pacific and Center East-based customers, along with a series of nonpublic and institutional entrepreneurs.
Savills has already been collectively designated with Eastdil, a real estate investment banking institution, to promote the sale of the W Edinburgh.
St James Quarter likewise consists of the freehold full-service hotel, the W Edinburgh. The 244-room property was opened in November 2023 beneath a continued hotel management contract with Marriott International.
The mixed-use development is currently possessed by a 27:75 shared business between the Nuveen-managed UK Shopping Center Fund and Dutch pension investment company, APG. Thus, Nuveen is seeking to divest its involvement in the retail and non commercial component of St James Quarter.
“The UK remains to be a consideration current market for many and today, we are seeing particularly solid interest in, and motive to open right into, the UK hospitality field. Edinburgh is consistently a top aim for this method granted its stability as both a tourist and organization location,” states Emma Steele, supervisor, Global Cross Border Financial Investment, Savills.
