St James Quarter brought to market
Interests in the flagship mixed-use city centre development are up for sale.
Nuveen Real Estate has brought a 25% stake in Edinburgh's St James Quarter to market.
Opened in 2021, the £1 billion, 158 thousand square metre (1.7 million square foot) mixed-use scheme includes an 850,000 square foot retail galleria anchored by John Lewis, as well as the 152-unit New Eidyn residential development and a 1,600-bay car park. The development attracts over 18 million people annually.
The remaining 75% interest in the development will be held by the asset manager APG.
Nuveen is also selling a 100% stake in the 244-bedroom W Edinburgh hotel (managed by Marriott International), which opened last November.
"Having spent the last eight years investing to develop the now iconic quarter in the heart of Edinburgh, the time has come for us to sell our interest in line with our wider business plan for the development. The site and hotel are a resounding success story, both in terms of trading and the impact they have had on the city more generally, and we are immensely proud of the quarter we have created."
- Steve Wicks, Head of Retail, Europe, Nuveen Real Estate
The selling agent for both interests is Savills.
"This is an exceptional opportunity to acquire an interest in one of the most exciting lifestyle quarters in the UK. We're pleased to be working with Nuveen to find an investor looking to own a stake in this high-performing asset with top end quality residential aspects and a best-in-class retail and leisure experience."
- Mark Garmon-Jones, Director, UK Investment, Savills