Hines buys Glasgow BTR scheme from L&G

Completed in 2022, the 20-storey scheme includes a mix of studio, one-, two-, and three-bedroom apartments, totalling approximately 211,000 square feet.

Onsite amenities include a gym, co-working space, private roof terrace, games room, and around 3,800 square feet of ground-floor commercial space.

Jurriën de Koning, managing director at Hines, said: “Glasgow presents a compelling proposition to graduates and young professionals, boasting a diverse and prestigious range of locally headquartered employers, a high-quality of life and thriving cultural ecosystem. These factors support robust demand for high quality rental accommodation in the city centre.

“Against the backdrop of a long-term undersupply catering to Glasgow’s young professional cohort, our acquisition of Solasta offers the opportunity to capture consistently high occupancy rates and, through active asset management, aim to upgrade the asset’s operational and technical specifications to ensure the scheme keeps pace with the evolving priorities of Glasgow’s renters.”

Mike Powell, head of residential transactions at L&G, said: “The sale of Solasta, Glasgow is another example of how we are delivering on our business plan of recycling capital to support the delivery of new homes and increasing much-needed housing supply across the UK. As we continue to build more purpose built, build-to-rent homes as well as the broader housing sector, transactions like this underpin our strategy to drive long-term, sustainable growth while meeting the UK’s evolving housing needs.”

Hines was advised by CBRE and Pinsent Masons, while Knight Frank and Addleshaw Goddard advised L&G.