Nuveen Real Estate to sell stake in Edinburgh mixed-use project St James Quarter and W Edinburgh Hotel
Savills has already been mutually designated with Eastdil, a real property assets banking company, to promote 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 residence development. The development also consists of 1,600 off-street carpark slots.
“This is a remarkable option to get an interest in some of the best fantastic lifestyle quarters in the UK,” claims Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re happy to be collaborating with Nuveen to look for a client seeking to have a stake in this high-performing property with finest end quality residential aspects and a best-in group retail and leisure experience”.
“The UK continues to be a top priority marketplace for many and right now, we are seeing specifically solid interest in, and intent to set up into, the UK accommodation field. Edinburgh is often a top target for this strategy granted its strength as both a vacationer and organization location,” says Emma Steele, supervisor, Global Cross Border Investment, Savills.
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“Having spent the previous eight years investing to develop the today well-known quarter in the heart of Edinburgh, the time has come for us to offer our interest according to our bigger company plan for the improvement,” states Steve Wicks, head of retail, Europe at Nuveen Real Estate.
She includes that Savills has actually gotten solid attraction for the accommodation property from Asia Pacific and Center East-based customers, as well as a range of nonpublic and institutional entrepreneurs.
The mixed-use development is at the moment possessed by a 27:75 shared venture between the Nuveen-managed UK Shopping Center Fund and Dutch pension investment company, APG. Therefore, Nuveen is looking to divest its stake in the retail and residential component of St James Quarter.
St James Quarter also consists of the freehold full-service resort, the W Edinburgh. The 244-room property was opened in November 2023 following a long-term hotel management agreement with Marriott International.
The W Edinburgh extends 174,300 sq ft throughout a 10-storey premises, with unobstructed perspectives over Edinburgh Old Town, Calton Hill and Holyrood Park. The residential property is completely owned by Nuveen Real Property, and the hotel has actually as well been offered.
Global real estate assets company Nuveen Real Estate is searching for a client to acquire its 25% involvement in St James Quarter, a mixed-use property in Edinburgh, Scotland. It has enlisted Savills as its international marketing agent.
