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 undertaking that was accomplished in 2021. It consists of an 850,000 sq ft retail galleria, as well as the 152-unit New Eidyn residential project. The project additionally consists of 1,600 off-street carpark spaces.

International property investment company Nuveen Real property is looking for a client to get its 25% involvement in St James Quarter, a mixed-use property in Edinburgh, Scotland. It has already obtained Savills as its foreign advertising and marketing agent.

The Chuan Park condominium

Savills has been collectively designated with Eastdil, a real property investment banking company, to advertise the sale of the W Edinburgh.

“Having spent the previous eight years spending money to establish the today renowned quarter in the heart of Edinburgh, the time has actually arrived for us to offer our interest in accordance with our larger company system for the property development,” claims Steve Wicks, head of retail, Europe at Nuveen Real Estate.

“The UK continues to be a priority marketplace for many and right now, we are viewing particularly solid attention in, and motive to set up right into, the UK accommodation industry. Edinburgh is often a leading goal for this approach given its stability as both a visitor and business location,” says Emma Steele, supervisor, Global Cross Border Financial Investment, Savills.

St James Quarter additionally consists of the freehold full-service resort, the W Edinburgh. The 244-room property was opened in November 2023 following a continued hotel administration agreement with Marriott International.

“This is an outstanding chance to get an interest in among the best exciting lifestyle quarters in the UK,” states Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re happy to be teaming up with Nuveen to find an investor wanting to possess a stake in this high-performing asset with best end quality residence aspects and a best-in group retail and recreational experience”.

The mixed-use property development is currently owned by a 27:75 mutual business between the Nuveen-managed UK Shopping Center Fund and Dutch pension investment company, APG. Thus, Nuveen is seeking to divest its stake in the retail and residential element of St James Quarter.

She includes that Savills has actually obtained solid attraction for the hotel property from Asia Pacific and Center East-based purchasers, as well as a series of nonpublic and institutional entrepreneurs.

The W Edinburgh spans 174,300 sq ft inside a 10-storey building, with clear views over Edinburgh Old Town, Calton Hillside and Holyrood Park. The residential property is completely operated by Nuveen Real Property, and the hotel has even been put up for sale.

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