Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
The mixed-use development is currently owned by a 27:75 joint project among the Nuveen-managed UK Shopping Center Fund and Dutch pension investment firm, APG. Hence, Nuveen is looking to divest its involvement in the retail and housing element of St James Quarter.
Savills has been jointly designated with Eastdil, a real property investment bank, to advertise the sale of the W Edinburgh.
“Having spent the previous 8 years spending money to develop the presently renowned quarter in the heart of Edinburgh, the time has actually come for us to offer our interest in line with our broader service system for the development,” states Steve Wicks, head of retail, Europe at Nuveen Real Estate.
“This is a remarkable option to obtain an interest in one of the most fantastic lifestyle quarters in the UK,” states Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re happy to be working with Nuveen to find an investor looking to have a stake in this high-performing possession with top end premium residential aspects and a best-in class retail and recreational experience”.
International real estate investment manager Nuveen Realty is searching for a purchaser to obtain its 25% involvement in St James Quarter, a mixed-use project in Edinburgh, Scotland. It has actually enlisted Savills as its overseas advertising agent.
St James Quarter is a 1.7 million sq ft mixed-use undertaking that was carried out in 2021. It comprises an 850,000 sq ft retail galleria, as well as the 152-unit New Eidyn non commercial property development. The project even includes 1,600 off-street carpark slots.
Lentoria Hong Leong Group & Mitsui Fudosan
She includes that Savills has actually gotten solid attraction for the hotel property from Asia Pacific and Middle East-based buyers, along with a variety of exclusive and institutional entrepreneurs.
“The UK remains to be a priority marketplace for many and now, we are observing especially solid interest in, and intention to deploy right into, the UK hospitality field. Edinburgh is often a top goal for this strategy granted its power as both a tourist and company destination,” states Emma Steele, director, Global Cross Border Financial Investment, Savills.
The W Edinburgh covers 174,300 sq ft within a 10-storey building, with unblocked perspectives over Edinburgh Old Town, Calton Hillside and Holyrood Park. The real property is fully managed by Nuveen Real Estate, and the hotel has even been offered.
St James Quarter likewise consists of the freehold full-service hotel, the W Edinburgh. The 244-room property was opened in November 2023 beneath a long-term hotel management contract with Marriott International.
