Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
St James Quarter additionally contains the freehold full-service resort, the W Edinburgh. The 244-room asset was opened in November 2023 under a long-term hotel administration arrangement with Marriott International.
The W Edinburgh covers 174,300 sq ft inside a 10-storey premises, with unblocked perspectives over Edinburgh Old Town, Calton Hillside and Holyrood Park. The real property is fully operated by Nuveen Real Estate, and the hotel has as well been offered.
She adds that Savills has received strong interest for the accommodation property from Asia Pacific and Center East-based buyers, in addition to a series of exclusive and institutional investors.
“The UK continues to be a consideration current market for many and today, we are observing particularly solid interest in, and intention to open into, the UK reception sector. Edinburgh is consistently a leading aim for this strategy given its stability as both a vacationer and business destination,” states Emma Steele, director, Global Cross Border Investment, Savills.
International property investment company Nuveen Real property is seeking out a buyer to get its 25% involvement in St James Quarter, a mixed-use plan in Edinburgh, Scotland. It has already enlisted Savills as its overseas advertising and marketing agent.
One Bernam MCC Land and HY Realty
The mixed-use development is at the moment possessed by a 27:75 mutual project involving the Nuveen-managed UK Shopping Center Fund and Dutch pension investment firm, APG. Hence, Nuveen is seeking to divest its involvement in the retail and housing aspect of St James Quarter.
“Having spent the last 8 years investing to establish the now well-known quarter in the heart of Edinburgh, the moment has actually occurred for us to offer our interest according to our larger business program for the property development,” states Steve Wicks, head of retail, Europe at Nuveen Real Estate.
Savills has already been mutually designated with Eastdil, a real property assets banking institution, to advertise the sale of the W Edinburgh.
St James Quarter is a 1.7 million sq ft mixed-use project that was finished in 2021. It makes up an 850,000 sq ft retail galleria, as well as the 152-unit New Eidyn non commercial development. The project additionally consists of 1,600 off-street carpark slots.
“This is a remarkable option to acquire an interest in one of the most fantastic lifestyle quarters in the UK,” states Mark Garmon-Jones, director, UK Investment, Savills. He includes: “We’re happy to be working with Nuveen to find a client wanting to have a stake in this high-performing possession with top end premium housing features and a best-in class retail and leisure experience”.
