Real Estate Investment Management鈥檚 (REIM) UK residential investment fund is forward funding a build-to-rent development in Scotland.
The manager said the Edmond de Rothschild Residential Investment Fund UK fund has agreed to the 拢25.9m (鈧�30m) funding for the development of 114 apartments in Glasgow by Drum Property Group.
The G3 Square development is located on Minerva Street, adjacent to Exhibition Centre Station. Construction will begin in the first quarter of next year, with completion expected in July 2023.
Charlie Miller, co-head of residential in the UK and director of residential transactions at Edmond de Rothschild REIM, said: 鈥淕3 Square is an excellent opportunity to establish the fund鈥檚 first development in Scotland, where we will provide high-quality rental accommodation at affordable levels in line with the strategy for the fund.
鈥淕lasgow is the seventh biggest city in the UK, with exceptionally strong demand for homes to rent.鈥�
The Edmond de Rothschild Residential Investment Fund UK fund, launched in August 2018, has raised equity commitments of around 拢260m currently.
The G3 Square deal is the private rented sector fund鈥檚 first investment in Scotland.
The fund鈥檚 first eight acquisitions were in Leicester, Warrington, Nottingham, Birmingham, Rugby and Gateshead.
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