Hines Global Income Trust has bought a 607-bed student asset in Glasgow for £72m.
Development of the property, called “true Glasgow West End”, was completed in 2017 by Bricks Capital. The building has a 100% occupancy rate.
It is located on Kelvinhaugh Street and features amenities including a cinema, gym, café, study rooms, games room, football pitch and ‘festival zone’ events space.
The site will be rebranded as “aparto Glasgow” and will be managed by aparto, Hines’ student accommodation platform.
Hines said it is targeting a combination of new developments and acquisitions as it seeks to build its presence in the purpose-built student accommodation market. The deal represents its third PBSA investment in the UK and Ireland, following the acquisitions of Queens Court in Reading and Montrose in Dublin.
Jurriën de Koning, director of Hines UK, said: “The site is well positioned to benefit from the University of Glasgow’s £1bn investment in its campus, as well as the continued popularity of Glasgow’s higher education institutions.
“The acquisition of high-quality existing student accommodation assets in top university locations will form an important part of our strategy as Hines looks to grow its UK and Ireland student portfolio of over 5,500 beds and a GDV of circa £800m including pipeline.”
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