Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
The mixed-use development is at the moment owned by a 27:75 shared project between the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment company, APG. Therefore, Nuveen is looking to divest its stake in the retail and non commercial component of St James Quarter.
Global real estate venture manager Nuveen Real property is seeking out a buyer to obtain its 25% involvement in St James Quarter, a mixed-use project in Edinburgh, Scotland. It has enlisted Savills as its overseas advertising and marketing representative.
Grand Dunman SingHaiyi Group Ltd
“Having spent the previous eight years spending money to create the today renowned quarter in the heart of Edinburgh, the time has come 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 Real Estate.
Savills has been collectively appointed with Eastdil, a real estate investment banking institution, to advertise the sale of the W Edinburgh.
The W Edinburgh extends 174,300 sq ft throughout a 10-storey establishment, with unobstructed viewpoints over Edinburgh Old Town, Calton Hillside and Holyrood Park. The real property is totally operated by Nuveen Realty, and the hotel has actually even been offered.
She adds that Savills has actually obtained strong attention for the accommodation property from Asia Pacific and Center East-based buyers, as well as a series of nonpublic and institutional capitalists.
St James Quarter also consists of the freehold full-service resort, the W Edinburgh. The 244-room property was opened in November 2023 beneath a continued accommodation administration contract with Marriott International.
“The UK continues to be a consideration current market for many and right now, we are observing especially strong curiosity in, and motive to open into, the UK hospitality sector. Edinburgh is often a leading target for this strategy granted its strength as both a visitor and business destination,” states Emma Steele, supervisor, Global Cross Border Financial Investment, Savills.
St James Quarter is a 1.7 million sq ft mixed-use property that was completed in 2021. It consists of an 850,000 sq ft retail galleria, together with the 152-unit New Eidyn residential property development. The property also consists of 1,600 off-street carpark slots.
“This is a remarkable opportunity to get an interest in one of the most fantastic lifestyle quarters in the UK,” says Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re pleased to be collaborating with Nuveen to look for an investor aiming to possess a stake in this high-performing asset with best end premium non commercial aspects and a best-in group retail and leisure experience”.
