European real estate investment firm has added a 342-unit build-to-rent (BTR) scheme in Scotland to its UK portfolio.
Europa said it has acquired the newly developed Granary Quay asset in Glasgow from the developer Dandara Group. Financial details were undisclosed.
Located in Glasgow鈥檚 West End, Granary Quay is a mixed-use development comprising a range of studio, one-bedroom, and two-bedroom apartments. The development, which reached practical completion in May this year, currently has a 69% occupancy rate.
Ed Crockett, head of investment execution at Europa, said: 鈥淭his acquisition aligns with our focus on investing where we see an opportunity to stabilise and reduce the risk profile of an asset over the medium term and presents us with the prospect of delivering a strong and highly durable income stream over the coming years.
鈥淭he potential for continued regulatory change has created a barrier to entry for new BTR developments, as such we were pleased to be able to secure this investment.鈥�
Jim Davies, CEO of Dandara Living, said: 鈥淭he acquisition of Granary Quay by Europa is further recognition of the growth potential and confidence in the UK鈥檚 BTR sector, and Dandara Living鈥檚 position as leading specialist in the delivery and operation of large-scale multifamily schemes.
鈥淭his latest transaction marks another major milestone as we continue to expand our footprint across London, the Southeast and prime regional city centres.鈥�
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