The Hines Global Income Trust has acquired a 607-bed student housing asset in the west end of Glasgow from Bricks Capital for £72 million.
The award-winning “true Glasgow West End” facility was named Private Halls of Residence of the Year at Property Week’s Student Accommodation Awards in 2018.
Located on Kelvinhaugh Street, the development is a 10 minutes’ walk from the University of Glasgow.
The development is one of Glasgow’s most popular student halls, featuring amenities including a 4K Ultra-High Definition cinema, residents’ gym, café, study rooms, games room, football pitch and ‘festival zone’ events space.
The site will now be managed by aparto, Hines’ student accommodation platform, and will be rebranded as ‘aparto Glasgow’ incorporating community-focused events, initiatives and wide-ranging student support which has become synonymous with aparto.
Glasgow has a total full-time student population of 60,000.
Jurriën de Koning, Director of Hines UK, says: “Glasgow is a highly popular student destination and true Glasgow West End provides an exceptional student experience that aligns perfectly with our aparto platform. The site is well positioned to benefit from the University of Glasgow’s £1 billion 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 & Ireland student portfolio of over 5,500 beds and a GDV of circa GBP800 million including pipeline.”
Peter Prickett, CEO of Bricks Capital, says: “Our roll-out plan for the true student brand remains as strong as ever, and this deal allows the acceleration of our brand in key locations around the UK, significantly expanding our presence.”