AEW UK REIT has completed the sale of 225 Bath Street in Glasgow to IQ Student Accommodation for £9.3m.
AEW exchanged contracts on the sale in 2020, with the deal subject to IQ receiving planning consent to demolish the property and replace it with a 527-bed student scheme.
Planning was granted in February, but AEWU still had to secure full vacancy.
AEW portfolio manager Laura Elkin said: “As the culmination of a long running business plan, we are delighted to see this sale complete. The disposal not only maximises the value of the asset but will increase occupancy levels across the remaining portfolio. The proceeds from the sale are already under offer to assets in exclusivity and, as such, we expect to make further purchase announcements in the coming weeks.”
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