Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
International property assets company Nuveen Realty is searching for a purchaser to get its 25% involvement in St James Quarter, a mixed-use project in Edinburgh, Scotland. It has enlisted Savills as its international advertising and marketing broker.
The W Edinburgh spans 174,300 sq ft inside a 10-storey building, with clear viewpoints over Edinburgh Old Town, Calton Hill and Holyrood Park. The property is fully owned by Nuveen Realty, and the hotel has actually also been put up for sale.
Savills has recently been jointly designated with Eastdil, a real property assets banking institution, to promote the sale of the W Edinburgh.
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 management contract with Marriott International.
“The UK continues to be a top priority current market for many and today, we are observing specifically strong curiosity in, and intent to set up right into, the UK reception market. Edinburgh is often a top aim for this approach given its power as both a visitor and service destination,” says Emma Steele, director, Global Cross Border Investment, Savills.
St James Quarter is a 1.7 million sq ft mixed-use undertaking that was finished in 2021. It makes up an 850,000 sq ft retail galleria, together with the 152-unit New Eidyn residence property development. The development additionally consists of 1,600 off-street carpark spots.
“This is an outstanding chance to get an interest in among the best fantastic lifestyle quarters in the UK,” states Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re glad to be working with Nuveen to find an investor aiming to have a stake in this high-performing property with finest end quality residential aspects and a best-in class retail and recreational experience”.
She includes that Savills has gotten solid interest for the hotel property from Asia Pacific and Center East-based buyers, as well as a range of exclusive and institutional entrepreneurs.
The mixed-use property development is presently possessed by a 27:75 joint business involving the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment company, APG. Thus, Nuveen is seeking to divest its stake in the retail and residential aspect of St James Quarter.
“Having spent the last 8 years investing to develop the now renowned quarter in the heart of Edinburgh, the moment has arrived for us to offer our interest in accordance with our wider service program for the improvement,” says Steve Wicks, head of retail, Europe at Nuveen Real Property.
