Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
The mixed-use development is presently operated by a 27:75 mutual project among the Nuveen-managed UK Shopping Center Fund and Dutch pension investment firm, APG. Hence, Nuveen is looking to divest its stake in the retail and residential component of St James Quarter.
“This is a remarkable chance to get an interest in some of the most fantastic lifestyle quarters in the UK,” states Mark Garmon-Jones, director, UK Investment, Savills. He includes: “We’re pleased to be teaming up with Nuveen to get a client looking to possess a stake in this high-performing asset with best end premium residential factors and a best-in class retail and leisure experience”.
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St James Quarter is a 1.7 million sq ft mixed-use property that was carried out in 2021. It makes up an 850,000 sq ft retail galleria, and also the 152-unit New Eidyn non commercial project. The property additionally includes 1,600 off-street carpark spots.
The W Edinburgh spans 174,300 sq ft throughout a 10-storey establishment, with unobstructed viewpoints over Edinburgh Old Town, Calton Hillside and Holyrood Park. The residential property is completely operated by Nuveen Real Property, and the hotel has even been put up for sale.
“Having spent the last eight years investing to develop the now well-known quarter in the heart of Edinburgh, the time has arrived for us to offer our interest in accordance with our larger service program for the development,” claims Steve Wicks, head of retail, Europe at Nuveen Realty.
St James Quarter additionally contains the freehold full-service resort, the W Edinburgh. The 244-room property was opened in November 2023 beneath a continued hotel administration arrangement with Marriott International.
Savills has been jointly designated with Eastdil, a real property assets bank, to market the sale of the W Edinburgh.
“The UK remains to be a top priority market for many and now, we are seeing particularly strong attention in, and intent to deploy into, the UK hospitality sector. Edinburgh is consistently a top aim for this strategy given its power as both a traveler and organization location,” states Emma Steele, supervisor, Global Cross Border Financial Investment, Savills.
Global property venture company Nuveen Real Estate is seeking out an investor to obtain its 25% involvement in St James Quarter, a mixed-use property in Edinburgh, Scotland. It has actually obtained Savills as its international advertising broker.
She adds that Savills has actually received solid attraction for the accommodation property from Asia Pacific and Middle East-based customers, along with a range of exclusive and institutional capitalists.
