Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
International real estate investment manager Nuveen Real property is searching for an investor to get its 25% involvement in St James Quarter, a mixed-use property in Edinburgh, Scotland. It has obtained Savills as its overseas advertising and marketing representative.
St James Quarter additionally includes the freehold full-service hotel, the W Edinburgh. The 244-room property was opened in November 2023 following a continued hotel administration agreement with Marriott International.
“This is a remarkable opportunity to obtain an interest in some of the highly interesting lifestyle quarters in the UK,” claims Mark Garmon-Jones, director, UK Investment, Savills. He includes: “We’re delighted to be partnering with Nuveen to get a client aiming to possess a stake in this high-performing asset with top end premium non commercial features and a best-in class retail and leisure event”.
Savills has recently been mutually designated with Eastdil, a real property assets banking institution, to promote the sale of the W Edinburgh.
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“The UK continues to be a consideration current market for many and today, we are seeing specifically solid curiosity in, and intention to set up into, the UK accommodation market. Edinburgh is consistently a top target for this method given its stability as both a traveler and organization destination,” states Emma Steele, director, Global Cross Border Financial Investment, Savills.
The W Edinburgh spans 174,300 sq ft within a 10-storey establishment, with unobstructed viewpoints over Edinburgh Old Town, Calton Hill and Holyrood Park. The property is fully owned by Nuveen Realty, and the hotel has also been offered.
The mixed-use property development is currently owned by a 27:75 joint project involving the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment firm, APG. Therefore, Nuveen is seeking to divest its involvement in the retail and residential aspect of St James Quarter.
St James Quarter is a 1.7 million sq ft mixed-use property that was finished in 2021. It comprises an 850,000 sq ft retail galleria, together with the 152-unit New Eidyn residential property development. The project also consists of 1,600 off-street carpark spots.
“Having spent the previous eight years investing to develop the presently iconic quarter in the heart of Edinburgh, the time has occurred for us to sell our interest according to our wider service system for the improvement,” claims Steve Wicks, head of retail, Europe at Nuveen Real Estate.
She adds that Savills has received solid attention for the accommodation property from Asia Pacific and Center East-based purchasers, in addition to a range of exclusive and institutional capitalists.
