EDR REIM has agreed to forward fund Drum Property Group’s 114-flat scheme in the neighbourhood of Finnieston in Glasgow for £25.9m.
The acquisition was made through the Edmond de Rothschild Residential Investment Fund UK.
The scheme, called G3 Square, is located on Minerva Street, next to the Exhibition Centre Station. Construction will begin in the first quarter of next year, with completion expected in July 2023.
Charlie Miller, co-head of residential in the UK and director of residential transactions at Edmond de Rothschild REIM, said: “G3 Square is an excellent opportunity to establish the fund’s first development in Scotland, where we will provide high-quality rental accommodation at affordable levels in line with the strategy for the fund. Glasgow is the seventh biggest city in the UK, with exceptionally strong demand for homes to rent.”
The Edmond de Rothschild Residential Investment Fund UK was launched in August 2018 and to date has raised equity commitments of around £260m, with further equity being raised from European institutional investors.
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