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 property was opened in November 2023 under a continued accommodation administration arrangement with Marriott International.
The W Edinburgh spans 174,300 sq ft throughout a 10-storey building, with clear perspectives over Edinburgh Old Town, Calton Hillside and Holyrood Park. The real property is totally managed by Nuveen Real Property, and the hotel has also been offered.
The mixed-use property development is presently possessed by a 27:75 shared business among the Nuveen-managed UK Shopping Center Fund and Dutch pension investment company, APG. Thus, Nuveen is looking to divest its involvement in the retail and residential component of St James Quarter.
“The UK continues to be a priority current market for many and now, we are seeing especially solid attention in, and motive to deploy into, the UK accommodation industry. Edinburgh is consistently a leading goal for this method granted its stability as both a traveler and service location,” claims Emma Steele, director, Global Cross Border Investment, Savills.
The Residence at W City Developments Limited
St James Quarter is a 1.7 million sq ft mixed-use undertaking that was completed in 2021. It consists of an 850,000 sq ft retail galleria, and also the 152-unit New Eidyn residence development. The development additionally features 1,600 off-street carpark spots.
International realty assets company Nuveen Real property is looking for a client to obtain its 25% stake in St James Quarter, a mixed-use plan in Edinburgh, Scotland. It has already gotten Savills as its overseas marketing agent.
She includes that Savills has gotten solid attention for the accommodation property from Asia Pacific and Middle East-based customers, in addition to a range of exclusive and institutional capitalists.
“Having spent the previous eight years spending money to develop the today iconic quarter in the heart of Edinburgh, the time has actually arrived for us to market our interest in accordance with our broader business program for the improvement,” states Steve Wicks, head of retail, Europe at Nuveen Real Property.
Savills has been mutually designated with Eastdil, a real property investment bank, to advertise the sale of the W Edinburgh.
“This is an exceptional option to obtain an interest in some of the most fantastic lifestyle quarters in the UK,” says Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re delighted to be teaming up with Nuveen to find an investor looking to own a stake in this high-performing property with finest end premium non commercial factors and a best-in class retail and leisure event”.