Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
Savills has been collectively designated with Eastdil, a real estate investment banking institution, to advertise the sale of the W Edinburgh.
St James Quarter likewise consists of the freehold full-service hotel, the W Edinburgh. The 244-room property was opened in November 2023 following a long-term accommodation management contract with Marriott International.
The W Edinburgh extends 174,300 sq ft throughout a 10-storey premises, with unobstructed viewpoints over Edinburgh Old Town, Calton Hill and Holyrood Park. The real property is fully managed by Nuveen Real Estate, and the hotel has as well been offered.
“Having spent the last 8 years spending money to create the today well-known quarter in the heart of Edinburgh, the moment has occurred for us to sell our interest according to our larger company system for the property development,” says Steve Wicks, head of retail, Europe at Nuveen Real Estate.
“The UK remains to be a priority current market for many and today, we are seeing especially strong interest in, and motive to deploy into, the UK hospitality sector. Edinburgh is always a top goal for this strategy granted its strength as both a traveler and organization location,” states Emma Steele, supervisor, Global Cross Border Investment, Savills.
“This is a remarkable opportunity to get an interest in some of the best interesting lifestyle quarters in the UK,” says Mark Garmon-Jones, director, UK Investment, Savills. He includes: “We’re glad to be teaming up with Nuveen to find a client aiming to possess a stake in this high-performing asset with top end quality housing components and a best-in group retail and leisure event”.
The mixed-use property development is presently owned by a 27:75 joint business involving the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment firm, APG. Therefore, Nuveen is looking to divest its involvement in the retail and residential component of St James Quarter.
St James Quarter is a 1.7 million sq ft mixed-use project that was carried out in 2021. It consists of an 850,000 sq ft retail galleria, together with the 152-unit New Eidyn residential project. The development also consists of 1,600 off-street carpark spots.
Global property investment manager Nuveen Real property is seeking out an investor to get its 25% involvement in St James Quarter, a mixed-use plan in Edinburgh, Scotland. It has enlisted Savills as its international marketing representative.
She adds that Savills has received strong interest for the accommodation property from Asia Pacific and Middle East-based purchasers, as well as a range of exclusive and institutional investors.
