Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel

St James Quarter is a 1.7 million sq ft mixed-use project that was accomplished in 2021. It comprises an 850,000 sq ft retail galleria, together with the 152-unit New Eidyn residential property development. The project also features 1,600 off-street carpark spots.

Savills has been mutually designated with Eastdil, a real property investment bank, to market the sale of the W Edinburgh.

She includes that Savills has actually gotten solid attraction for the accommodation property from Asia Pacific and Middle East-based buyers, as well as a range of exclusive and institutional investors.

“This is an outstanding opportunity to acquire an interest in one of the most exciting lifestyle quarters in the UK,” claims Mark Garmon-Jones, director, UK Investment, Savills. He includes: “We’re glad to be working with Nuveen to get a buyer aiming to possess a stake in this high-performing possession with finest end premium housing aspects and a best-in group retail and leisure event”.

“The UK continues to be a consideration current market for many and right now, we are seeing especially solid attention in, and intention to open into, the UK hospitality market. Edinburgh is often a top goal for this strategy given its stability as both a vacationer and organization destination,” states Emma Steele, supervisor, Global Cross Border Investment, Savills.

“Having spent the last 8 years spending money to develop the presently well-known quarter in the heart of Edinburgh, the moment has come for us to market our interest in accordance with our wider company system for the property development,” claims Steve Wicks, head of retail, Europe at Nuveen Real Estate.

The mixed-use development is presently possessed by a 27:75 joint business among the Nuveen-managed UK Shopping Centre Fund and Dutch pension investment firm, APG. Therefore, Nuveen is wanting to divest its stake in the retail and housing aspect of St James Quarter.

Hill House showflat location

St James Quarter likewise contains 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.

International realty venture company Nuveen Real property is searching for a buyer to acquire its 25% stake in St James Quarter, a mixed-use plan in Edinburgh, Scotland. It has actually obtained Savills as its international advertising agent.

The W Edinburgh covers 174,300 sq ft within a 10-storey premises, with unblocked perspectives over Edinburgh Old Town, Calton Hillside and Holyrood Park. The residential property is completely owned by Nuveen Real Estate, and the hotel has as well been put up for sale.

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