Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
The W Edinburgh extends 174,300 sq ft throughout a 10-storey premises, with unobstructed perspectives over Edinburgh Old Town, Calton Hillside and Holyrood Park. The property is completely operated by Nuveen Real Property, and the hotel has as well been offered.
She adds that Savills has gotten strong attraction for the hotel property from Asia Pacific and Center East-based purchasers, along with a variety of private and institutional investors.
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The mixed-use development is currently possessed by a 27:75 shared business among the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment firm, APG. Hence, Nuveen is wanting to divest its stake in the retail and housing aspect of St James Quarter.
St James Quarter is a 1.7 million sq ft mixed-use project that was completed in 2021. It comprises an 850,000 sq ft retail galleria, together with the 152-unit New Eidyn residence development. The development even includes 1,600 off-street carpark spaces.
“This is a remarkable chance to obtain an interest in one of the most 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 look for a buyer seeking to own a stake in this high-performing property with best end premium residence components and a best-in class retail and recreational experience”.
St James Quarter additionally contains the freehold full-service resort, the W Edinburgh. The 244-room asset was opened in November 2023 beneath a long-term accommodation management contract with Marriott International.
“The UK remains to be a consideration current market for many and right now, we are observing particularly strong curiosity in, and motive to open into, the UK reception field. Edinburgh is always a leading target for this method given its strength as both a tourist and organization destination,” claims Emma Steele, director, Global Cross Border Financial Investment, Savills.
Global real estate investment manager Nuveen Real property is looking for a buyer to acquire its 25% stake in St James Quarter, a mixed-use plan in Edinburgh, Scotland. It has actually obtained Savills as its overseas advertising representative.
“Having spent the previous eight years spending money to create the presently renowned quarter in the heart of Edinburgh, the moment has come for us to offer our interest in accordance with our wider service program for the development,” states Steve Wicks, head of retail, Europe at Nuveen Real Property.
Savills has been mutually appointed with Eastdil, a real property investment banking institution, to market the sale of the W Edinburgh.
