Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
St James Quarter also contains the freehold full-service resort, the W Edinburgh. The 244-room asset was opened in November 2023 beneath a continued hotel management agreement with Marriott International.
International property assets company Nuveen Realty is seeking out an investor to acquire its 25% stake in St James Quarter, a mixed-use project in Edinburgh, Scotland. It has gotten Savills as its overseas advertising broker.
“Having spent the last eight years investing to establish the now well-known quarter in the heart of Edinburgh, the time has actually arrived for us to sell our interest in accordance with our bigger service plan for the improvement,” claims Steve Wicks, head of retail, Europe at Nuveen Realty.
The W Edinburgh extends 174,300 sq ft within a 10-storey establishment, with clear views over Edinburgh Old Town, Calton Hill and Holyrood Park. The residence is fully owned by Nuveen Real Estate, and the hotel has actually as well been offered.
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“The UK continues to be a consideration marketplace for many and right now, we are observing particularly strong interest in, and motive to set up into, the UK accommodation market. Edinburgh is always a top target for this approach given its strength as both a tourist and business destination,” claims Emma Steele, director, Global Cross Border Financial Investment, Savills.
She adds that Savills has actually gotten strong attraction for the hotel property from Asia Pacific and Center East-based purchasers, in addition to a series of exclusive and institutional capitalists.
“This is a remarkable option to acquire an interest in among the best fantastic lifestyle quarters in the UK,” claims Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re happy to be collaborating with Nuveen to find a real estate investor seeking to possess a stake in this high-performing property with finest end premium non commercial components and a best-in group retail and recreational event”.
The mixed-use property development is at the moment operated by a 27:75 joint venture among the Nuveen-managed UK Shopping Center Fund and Dutch pension investment company, APG. Thus, Nuveen is looking to divest its involvement in the retail and housing component of St James Quarter.
Savills has already been collectively designated with Eastdil, a real property assets banking institution, to promote the sale of the W Edinburgh.
St James Quarter is a 1.7 million sq ft mixed-use undertaking that was accomplished in 2021. It consists of an 850,000 sq ft retail galleria, and also the 152-unit New Eidyn non commercial property development. The development even features 1,600 off-street carpark spaces.
