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

The W Edinburgh extends 174,300 sq ft within a 10-storey establishment, with clear views over Edinburgh Old Town, Calton Hill and Holyrood Park. The residential property is completely operated by Nuveen Real Estate, and the hotel has actually even been offered.

Savills has been mutually appointed with Eastdil, a real estate assets banking company, to market the sale of the W Edinburgh.

“The UK continues to be a top priority marketplace for many and today, we are viewing specifically solid interest in, and intention to deploy into, the UK hospitality market. Edinburgh is always a leading aim for this approach given its power as both a tourist and organization location,” claims Emma Steele, supervisor, Global Cross Border Financial Investment, Savills.

St James Quarter additionally includes the freehold full-service resort, the W Edinburgh. The 244-room property was opened in November 2023 following a long-term hotel management contract with Marriott International.

International property investment manager Nuveen Real property is searching for an investor to get its 25% involvement in St James Quarter, a mixed-use project in Edinburgh, Scotland. It has already enlisted Savills as its international marketing agent.

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

“Having spent the previous 8 years investing to develop the now famous quarter in the heart of Edinburgh, the time has actually come for us to sell our interest in line with our broader service system for the property development,” says Steve Wicks, head of retail, Europe at Nuveen Real Property.

She includes that Savills has actually obtained strong attention for the hotel property from Asia Pacific and Center East-based purchasers, in addition to a series of private and institutional investors.

St James Quarter is a 1.7 million sq ft mixed-use property that was carried out in 2021. It consists of an 850,000 sq ft retail galleria, together with the 152-unit New Eidyn residence project. The project even includes 1,600 off-street carpark spots.

Reserve Residences Singapore

“This is an exceptional opportunity to acquire an interest in among the most fantastic lifestyle quarters in the UK,” says Mark Garmon-Jones, director, UK Investment, Savills. He includes: “We’re glad to be working with Nuveen to look for a buyer seeking to have a stake in this high-performing property with top end quality non commercial aspects and a best-in class retail and recreational event”.


error: Content is protected !!