Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
International realty assets company Nuveen Real property is looking for a client to acquire its 25% involvement in St James Quarter, a mixed-use property in Edinburgh, Scotland. It has actually enlisted Savills as its foreign advertising and marketing agent.
“This is a remarkable chance to acquire an interest in some of the highly interesting lifestyle quarters in the UK,” states Mark Garmon-Jones, director, UK Investment, Savills. He includes: “We’re glad to be collaborating with Nuveen to find a real estate investor seeking to possess a stake in this high-performing possession with top end quality non commercial aspects and a best-in class retail and recreational experience”.
The mixed-use development is at the moment owned by a 27:75 joint venture between the Nuveen-managed UK Shopping Center Fund and Dutch pension investment company, APG. Hence, Nuveen is wanting to divest its involvement in the retail and non commercial aspect of St James Quarter.
Savills has recently been mutually designated with Eastdil, a real estate investment banking institution, to market the sale of the W Edinburgh.
The W Edinburgh covers 174,300 sq ft inside a 10-storey premises, with clear perspectives over Edinburgh Old Town, Calton Hill and Holyrood Park. The real property is completely operated by Nuveen Real Estate, and the hotel has actually also been offered.
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St James Quarter is a 1.7 million sq ft mixed-use project that was accomplished in 2021. It makes up an 850,000 sq ft retail galleria, and also the 152-unit New Eidyn residential property development. The property additionally features 1,600 off-street carpark spots.
She adds that Savills has actually received solid attraction for the hotel property from Asia Pacific and Center East-based buyers, as well as a variety of nonpublic and institutional entrepreneurs.
St James Quarter also contains the freehold full-service resort, the W Edinburgh. The 244-room asset was opened in November 2023 under a long-term accommodation management contract with Marriott International.
“The UK remains to be a top priority marketplace for many and now, we are observing particularly solid curiosity in, and intention to set up right into, the UK reception field. Edinburgh is often a leading aim for this method granted its power as both a visitor and organization location,” claims Emma Steele, supervisor, Global Cross Border Investment, Savills.
“Having spent the previous eight years investing to establish the now iconic quarter in the heart of Edinburgh, the time has actually occurred for us to offer our interest in line with our wider company plan for the development,” says Steve Wicks, head of retail, Europe at Nuveen Realty.
