Investment manager Nuveen Real Estate is looking for a buyer for its 25% stake in the St James Quarter, a major retail and leisure destination in Edinburgh, Scotland, UK.
Opened in 2021, the £1bn ($1.27bn) mixed-use development boasts a variety of attractions, including an 850,000ft² retail galleria anchored by John Lewis.
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Popular brands such as Zara, & Other Stories, Lego, and Kurt Geiger also have a presence within the complex.
St James Quarter offers more than just shopping. The development encompasses the New Eidyn residential complex, featuring 152 flats.
Additionally, it provides a significant portion of the city’s off-street parking, with a total of 1,600 spaces – constituting a remarkable 75% of Edinburgh’s total.
Adding to the allure of the St James Quarter is the W Edinburgh hotel, a 244-room property.
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By GlobalDataProperty agent Savills has been tasked with marketing Nuveen’s stake.
“This is an exceptional opportunity to acquire an interest in one of the most exciting lifestyle quarters in the UK,” said Mark Garmon-Jones, director of UK investment at Savills.
“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.”
Nuveen emphasises its successful development of the St James Quarter.
“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,” said Steve Wicks, retail head at Nuveen Real Estate Europe.
“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.”
Nuveen assures that the ongoing sale process will not disrupt daily operations at the St James Quarter.
The search for a new partner paves the way for the development’s continued growth and contribution to Edinburgh’s economy.
