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

International realty venture manager Nuveen Real property is seeking out an investor to get its 25% involvement in St James Quarter, a mixed-use plan in Edinburgh, Scotland. It has already enlisted Savills as its foreign advertising broker.

“This is a remarkable option to acquire an interest in one of the most interesting lifestyle quarters in the UK,” says Mark Garmon-Jones, director, UK Investment, Savills. He adds: “We’re delighted to be partnering with Nuveen to get an investor wanting to possess a stake in this high-performing asset with best end premium non commercial aspects and a best-in group retail and recreational experience”.

St James Quarter also includes the freehold full-service hotel, the W Edinburgh. The 244-room asset was opened in November 2023 beneath a continued hotel administration arrangement with Marriott International.

Klimt Cairnhill floor plan

“Having spent the last 8 years investing to create the presently famous quarter in the heart of Edinburgh, the time has actually come for us to market our interest in line with our wider service system for the 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 seeing specifically solid attention in, and intention to set up right into, the UK reception market. Edinburgh is often a leading target for this approach given its strength as both a visitor and service destination,” states Emma Steele, director, Global Cross Border Investment, Savills.

The mixed-use property development is at the moment owned by a 27:75 shared venture among the Nuveen-managed UK Shopping Center Fund and Dutch pension investment firm, APG. Therefore, Nuveen is wanting to divest its involvement in the retail and residential component of St James Quarter.

The W Edinburgh spans 174,300 sq ft inside a 10-storey establishment, with unblocked perspectives over Edinburgh Old Town, Calton Hill and Holyrood Park. The residential property is totally owned by Nuveen Real Property, and the hotel has actually as well been offered.

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 residence property development. The development additionally consists of 1,600 off-street carpark slots.

She includes that Savills has received solid attention for the hotel property from Asia Pacific and Middle East-based buyers, along with a series of private and institutional capitalists.

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

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