Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
Savills has recently been jointly appointed with Eastdil, a real property assets banking institution, to market the sale of the W Edinburgh.
“This is an exceptional option to get an interest in one of the best exciting lifestyle quarters in the UK,” states Mark Garmon-Jones, director, UK Investment, Savills. He includes: “We’re pleased to be working with Nuveen to get a client seeking to own a stake in this high-performing property with finest end premium non commercial features and a best-in class retail and leisure event”.
St James Quarter likewise consists of the freehold full-service resort, the W Edinburgh. The 244-room property was opened in November 2023 under a long-term accommodation management agreement with Marriott International.
St James Quarter is a 1.7 million sq ft mixed-use project that was accomplished in 2021. It consists of an 850,000 sq ft retail galleria, as well as the 152-unit New Eidyn residential property development. The development additionally features 1,600 off-street carpark slots.
She includes that Savills has received solid attraction for the accommodation property from Asia Pacific and Middle East-based buyers, in addition to a series of exclusive and institutional investors.
International realty assets company Nuveen Real Estate is seeking out a client to get its 25% involvement in St James Quarter, a mixed-use project in Edinburgh, Scotland. It has already obtained Savills as its international marketing representative.
“The UK continues to be a priority current market for many and now, we are observing especially strong interest in, and motive to deploy into, the UK hospitality field. Edinburgh is often a top goal for this approach given its stability as both a visitor and company destination,” states Emma Steele, director, Global Cross Border Financial Investment, Savills.
“Having spent the last 8 years spending money to create the today renowned quarter in the heart of Edinburgh, the time has arrived for us to sell our interest in accordance with our larger business program for the property development,” says Steve Wicks, head of retail, Europe at Nuveen Real Property.
The W Edinburgh extends 174,300 sq ft within a 10-storey building, with unobstructed perspectives over Edinburgh Old Town, Calton Hillside and Holyrood Park. The residential property is completely owned by Nuveen Real Estate, and the hotel has also been offered.
The mixed-use development is presently possessed by a 27:75 joint venture among the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment firm, APG. Therefore, Nuveen is seeking to divest its stake in the retail and residential aspect of St James Quarter.
