Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
International real estate assets manager Nuveen Real Estate is looking for a purchaser to get its 25% involvement in St James Quarter, a mixed-use property in Edinburgh, Scotland. It has already obtained Savills as its foreign advertising agent.
Savills has already been collectively designated with Eastdil, a real property investment banking company, to advertise the sale of the W Edinburgh.
“This is an exceptional opportunity to obtain an interest in among the most exciting lifestyle quarters in the UK,” claims Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re happy to be teaming up with Nuveen to find a client seeking to possess a stake in this high-performing asset with finest end premium housing factors and a best-in class retail and recreational event”.
St James Quarter likewise contains the freehold full-service resort, the W Edinburgh. The 244-room asset was opened in November 2023 following a continued hotel administration agreement with Marriott International.
“The UK continues to be a top priority market for many and now, we are observing specifically solid interest in, and intention to open into, the UK hospitality market. Edinburgh is consistently a top aim for this strategy given its stability as both a visitor and company destination,” claims Emma Steele, supervisor, Global Cross Border Investment, Savills.
The mixed-use development is currently operated by a 27:75 joint project between the Nuveen-managed UK Shopping Center Fund and Dutch pension investment company, APG. Hence, Nuveen is wanting to divest its stake in the retail and residential aspect of St James Quarter.
“Having spent the last 8 years spending money to establish the today well-known quarter in the heart of Edinburgh, the time has actually come for us to offer our interest in accordance with our larger service system for the improvement,” claims Steve Wicks, head of retail, Europe at Nuveen Realty.
She adds that Savills has received strong attraction for the hotel property from Asia Pacific and Center East-based customers, in addition to a variety of nonpublic and institutional entrepreneurs.
The W Edinburgh covers 174,300 sq ft inside a 10-storey premises, with clear views over Edinburgh Old Town, Calton Hillside and Holyrood Park. The residential property is totally managed by Nuveen Real Property, and the hotel has actually also been put up for sale.
St James Quarter is a 1.7 million sq ft mixed-use project that was accomplished in 2021. It makes up an 850,000 sq ft retail galleria, as well as the 152-unit New Eidyn residence project. The property even features 1,600 off-street carpark spots.
