Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
Savills has recently been mutually appointed with Eastdil, a real estate assets banking institution, to market the sale of the W Edinburgh.
“Having spent the last eight years spending money to develop the presently renowned quarter in the heart of Edinburgh, the time has come for us to offer our interest according to our broader company plan for the development,” says Steve Wicks, head of retail, Europe at Nuveen Realty.
The W Edinburgh extends 174,300 sq ft within a 10-storey premises, with unobstructed views over Edinburgh Old Town, Calton Hillside and Holyrood Park. The residential property is fully operated by Nuveen Realty, and the hotel has actually also been offered.
“This is an exceptional chance to acquire an interest in some of the best fantastic lifestyle quarters in the UK,” claims Mark Garmon-Jones, director, UK Investment, Savills. He includes: “We’re pleased to be teaming up with Nuveen to look for a real estate investor seeking to own a stake in this high-performing asset with finest end quality residence features and a best-in group retail and recreational event”.
“The UK continues to be a top priority marketplace for many and now, we are seeing especially solid interest in, and motive to deploy into, the UK hospitality industry. Edinburgh is consistently a leading target for this method granted its stability as both a tourist and business destination,” claims Emma Steele, director, Global Cross Border Investment, Savills.
St James Quarter is a 1.7 million sq ft mixed-use undertaking that was completed in 2021. It makes up an 850,000 sq ft retail galleria, and also the 152-unit New Eidyn residential development. The project also consists of 1,600 off-street carpark spaces.
International property investment company Nuveen Real Estate is searching for a client to acquire its 25% involvement in St James Quarter, a mixed-use project in Edinburgh, Scotland. It has actually obtained Savills as its foreign advertising representative.
St James Quarter additionally includes the freehold full-service resort, the W Edinburgh. The 244-room property was opened in November 2023 under a long-term hotel administration arrangement with Marriott International.
She includes that Savills has obtained strong attention for the hotel property from Asia Pacific and Center East-based customers, as well as a series of nonpublic and institutional investors.
The mixed-use property development is currently operated by a 27:75 mutual business involving the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment firm, APG. Therefore, Nuveen is wanting to divest its stake in the retail and residential aspect of St James Quarter.
