Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
The mixed-use property development is at the moment possessed by a 27:75 shared business involving the Nuveen-managed UK Shopping Center Fund and Dutch pension investment firm, APG. Hence, Nuveen is looking to divest its involvement in the retail and housing element of St James Quarter.
Savills has already been jointly appointed with Eastdil, a real property investment banking institution, to promote the sale of the W Edinburgh.
The W Edinburgh covers 174,300 sq ft within a 10-storey premises, with clear perspectives over Edinburgh Old Town, Calton Hillside and Holyrood Park. The real property is totally managed by Nuveen Real Property, and the hotel has actually also been put up for sale.
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“The UK continues to be a consideration current market for many and right now, we are seeing specifically solid curiosity in, and motive to open into, the UK accommodation field. Edinburgh is consistently a leading goal for this strategy given its strength as both a vacationer and organization location,” claims Emma Steele, director, Global Cross Border Financial 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 non commercial property development. The property also features 1,600 off-street carpark spaces.
St James Quarter additionally consists of the freehold full-service hotel, the W Edinburgh. The 244-room property was opened in November 2023 following a long-term hotel management arrangement with Marriott International.
She includes that Savills has actually received solid interest for the accommodation property from Asia Pacific and Center East-based customers, along with a series of exclusive and institutional investors.
“Having spent the last 8 years investing to establish the now iconic quarter in the heart of Edinburgh, the moment has actually arrived for us to offer our interest in accordance with our larger business system for the improvement,” states Steve Wicks, head of retail, Europe at Nuveen Real Estate.
“This is an outstanding chance to get an interest in some of the highly exciting lifestyle quarters in the UK,” says Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re pleased to be teaming up with Nuveen to get a client wanting to possess a stake in this high-performing asset with top end premium residential features and a best-in group retail and leisure experience”.
Global real estate assets company Nuveen Realty is looking for a purchaser to get its 25% involvement in St James Quarter, a mixed-use plan in Edinburgh, Scotland. It has already enlisted Savills as its international marketing agent.
