UK: Hines is set to buy Solasta Riverside, a build-to-rent (BTR) scheme at Buchanan Wharf in Glasgow.
Drum Property Group completed the 324-unit property for vendor Legal & General Investment Management (LGIM) in 2022. It is made up of two 18-storey towers with restaurant, a gym, residents’ lounge and games room. It also has a 4,250-square foot communal roof terrace. Buchanan Wharf is a £500 million mixed-use development close to Glasgow Central Station and the International Financial Services District.
Hines entered the UK BTR market in April last year, when it announced it was forward-funding the Pottery Lane scheme in Newcastle. It is aiming to build a £500 million UK platform.
Hines is funding the construction of the 519-unit scheme, which is being developed by Olympian Homes, via its Hines European Property Partners fund. In July, it said it had secured more than €1 billion (US$1.086 billion) of equity commitments for HEPP.
Highlights:
• Hines is set to buy Solasta Riverside, a build-to-rent (BTR) scheme at Buchanan Wharf in Glasgow
• The scheme was forward funded by LGIM and completed in 2022
• Hines is aiming to assemble a £500 million UK BTR portfolio
