Hines has acquired a 拢72m (鈧�81.2m) student accommodation asset in Glasgow on behalf of its non-traded real estate investment trust.
The international real estate firm鈥檚 Hines Global Income Trust (HGIT) has bought the fully-let 607-bed operational student housing asset located on Kelvinhaugh Street from Bricks Capital.
Hines said the site, located a 10 minutes鈥� walk from the University of Glasgow, will now be managed by Aparto, Hines鈥� student accommodation platform.
The latest investment represents HGIT鈥檚 third investment in the asset class in the UK and Ireland following the acquisitions of Queens Court in Reading and Montrose in Dublin.
Hines said it is targeting a combination of new developments and acquisitions as it seeks to increase its presence in the purpose-built student accommodation market.
Jurri毛n de Koning, director of Hines UK, said: 鈥淭he site is well-positioned to benefit from the University of Glasgow鈥檚 拢1bn investment in its campus, as well as the continued popularity of Glasgow鈥檚 higher education institutions.
鈥淭he 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 gross development value of circa 拢800m including pipeline.鈥�
Peter Prickett, CEO of Bricks Capital said: 鈥淥ur 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.鈥�
Bricks Capital has four new developments opening in 2020, including a 706-bed scheme in Swansea, 398 beds in Birmingham, 402 in Salford and a further 315 in Glasgow.
