Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
St James Quarter likewise consists of the freehold full-service resort, the W Edinburgh. The 244-room property was opened in November 2023 under a continued accommodation administration arrangement with Marriott International.
The W Edinburgh extends 174,300 sq ft inside a 10-storey building, with unblocked perspectives over Edinburgh Old Town, Calton Hill and Holyrood Park. The property is completely owned by Nuveen Real Estate, and the hotel has actually also been put up for sale.
The mixed-use development is presently operated by a 27:75 shared project involving the Nuveen-managed UK Shopping Center Fund and Dutch pension investment firm, APG. Therefore, Nuveen is wanting to divest its stake in the retail and housing aspect of St James Quarter.
“The UK remains to be a top priority market for many and today, we are viewing especially strong attention in, and intent to deploy into, the UK accommodation sector. Edinburgh is always a leading aim for this approach granted its strength as both a traveler and service location,” says Emma Steele, director, Global Cross Border Financial Investment, Savills.
“Having spent the previous 8 years investing to create the now iconic quarter in the heart of Edinburgh, the moment has arrived for us to market our interest in accordance with our broader business system for the development,” states Steve Wicks, head of retail, Europe at Nuveen Real Estate.
She includes that Savills has obtained strong attraction for the hotel property from Asia Pacific and Center East-based purchasers, in addition to a variety of exclusive and institutional entrepreneurs.
Global property venture company Nuveen Real Estate is searching for a buyer to obtain its 25% stake in St James Quarter, a mixed-use project in Edinburgh, Scotland. It has obtained Savills as its international advertising representative.
St James Quarter is a 1.7 million sq ft mixed-use property that was accomplished in 2021. It comprises an 850,000 sq ft retail galleria, as well as the 152-unit New Eidyn residential project. The project also features 1,600 off-street carpark spots.
Savills has been jointly appointed with Eastdil, a real estate assets bank, to advertise the sale of the W Edinburgh.
“This is an outstanding chance to acquire an interest in one of the best fantastic lifestyle quarters in the UK,” states Mark Garmon-Jones, director, UK Investment, Savills. He includes: “We’re pleased to be teaming up with Nuveen to find a client wanting to own a stake in this high-performing asset with best end quality residence features and a best-in group retail and leisure event”.