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20.01.15

Edinburgh St James hotel and residential investment opportunities launched

TIAA Henderson Real Estate has instructed JLL and Rettie & Co to take investment opportunities to market

Construction on £850m development to start this year, with retail completion due for 2019 and hotel and residential units in 2020

TIAA Henderson Real Estate (TH Real Estate) has confirmed that investment opportunities for the hotel and residential aspects of its £850m Edinburgh St James development are now being proactively marketed.

The retail-led regeneration development will transform the Scottish capital, with work starting later this year. Completion of the hotel and residential units will be in 2020, whilst the retail element of Edinburgh St James is expected to complete in 2019. The scheme will deliver 750,000 sq ft of prime retail space including a boutique cinema and more than 30 dining destinations. This will help move Edinburgh further up the UK retail rankings, from 13th to seventh, and will support the city’s tourist industry which contributes an estimated £260m to Edinburgh’s economy each year.

TH Real Estate has appointed JLL to market the hotel investment opportunity for Edinburgh St James. The luxury development will be the centre-piece of the scheme and will include up to 210 hotel rooms. A 3,815 sq m apart hotel also has the potential to provide between 52–70 suites. The design and layout of the hotel is flexible and can be shaped to the right investor.

Rettie & Co has been instructed to take the residential aspect of Edinburgh St James to the market. The opportunity consists of three distinctive buildings which are consented to provide up to 250 units, offering unparalleled views across the UNESCO World Heritage City. A purchaser or partner will have the chance to remix the scheme in order to maximise it for the Private Rented Sector, sale or serviced apartments markets.

A world-class example of city-enhancing place making, Edinburgh St James will be one of the UK’s largest and most significant regeneration projects.

Details on Edinburgh St James, including contact details for Rettie & Co and JLL can be found at http://www.edinburghstjames.com/

Stephen Wicks, Director of Shopping Centres at TH Real Estate & Fund Manager of the UK Shopping Centre Fund, said: "There is no other location to assemble a high-specification residential scheme of Edinburgh St James' quality in the city. As an established finance and business hub with a thriving tourism industry, second only to London, there is a clear appetite for a luxury hotel. Given this, it is little wonder that we have already received high levels of interest in the hotel and residential elements of Edinburgh St James. We are now actively looking for suitable partners with whom we can take the development forward."

About TIAA Henderson Real Estate

TIAA Henderson Real Estate (TH Real Estate) is an established investment management company with specialisation in real estate equity and debt investing worldwide. As one of the largest real estate managers in the world, TH Real Estate has the scale, capital resources and knowledge to provide creative and effective real estate investment solutions for clients. With a focus on the retail, office, logistics, debt and multi-family sectors, TH Real Estate emphasises sustainable practices to protect assets and maximise their value.

Launched in April 2014, the company has a dedicated global presence with offices across Asia and Europe, managing c.$22.6bn of real estate assets across c.50 funds and mandates.

Together, the TIAA-CREF real estate and TH Real Estate platforms represent one of the largest real estate investment management enterprises in the world, with a combined total of c. $71 bn in real estate assets under management.

The company is jointly owned by TIAA-CREF (60%) and Henderson Global Investors (40%) bringing it a combined track record of over 90 years in global real estate. Its products are managed by specialist teams, which apply their own experience to the management and style of their portfolios. Each team is supported by an experienced senior management team and integrated investment platform, including finance, debt and currency management, performance analytics, client service, fund and transaction structuring, development, sustainability and research. www.threalestate.com

* All figures as at 30 June 2014

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