Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
International realty venture manager Nuveen Real Estate is seeking out an investor to acquire its 25% involvement in St James Quarter, a mixed-use property in Edinburgh, Scotland. It has enlisted Savills as its foreign marketing representative.
She includes that Savills has obtained strong attention for the accommodation property from Asia Pacific and Center East-based customers, in addition to a range of exclusive and institutional entrepreneurs.
The W Edinburgh extends 174,300 sq ft within a 10-storey building, with unobstructed viewpoints over Edinburgh Old Town, Calton Hill and Holyrood Park. The property is totally operated by Nuveen Real Estate, and the hotel has as well been put up for sale.
Savills has recently been collectively designated with Eastdil, a real property assets bank, to advertise the sale of the W Edinburgh.
The mixed-use development is presently owned by a 27:75 shared business involving the Nuveen-managed UK Shopping Center Fund and Dutch pension investment firm, APG. Therefore, Nuveen is wanting to divest its involvement in the retail and residential component of St James Quarter.
St James Quarter also contains the freehold full-service resort, the W Edinburgh. The 244-room asset was opened in November 2023 following a long-term hotel administration contract with Marriott International.
St James Quarter is a 1.7 million sq ft mixed-use property that was finished in 2021. It comprises an 850,000 sq ft retail galleria, and also the 152-unit New Eidyn residence property development. The development also includes 1,600 off-street carpark spaces.
“This is an outstanding option to acquire an interest in one of the most fantastic lifestyle quarters in the UK,” states Mark Garmon-Jones, director, UK Investment, Savills. He includes: “We’re happy to be teaming up with Nuveen to look for a client aiming to own a stake in this high-performing asset with finest end quality non commercial aspects and a best-in group retail and leisure event”.
“Having spent the last 8 years investing to develop the presently renowned quarter in the heart of Edinburgh, the time has occurred for us to sell our interest in accordance with our broader business system for the improvement,” says Steve Wicks, head of retail, Europe at Nuveen Real Property.
“The UK continues to be a priority marketplace for many and now, we are observing particularly strong curiosity in, and motive to open right into, the UK reception market. Edinburgh is often a leading goal for this method granted its power as both a tourist and organization location,” states Emma Steele, supervisor, Global Cross Border Investment, Savills.
