Hines Global Income Trust acquires Glasgow student accommodation development from Bricks Capital
The Hines Global Income Trust (Hines Global) has acquired a 607-bed operational student asset in Glasgow for GBP72 million.
The award-winning true Glasgow West End was named ‘Private Halls of Residence of the Year’ at Property Week’s prestigious Student Accommodation Awards in 2018. The development of true Glasgow West End was completed in 2017 by Bricks Capital, a London-based property development, hospitality and management group. The iconic building currently boasts a 100% occupancy rate.
Located on Kelvinhaugh Street, the development is a 10 minutes’ walk from the University of Glasgow and is within easy reach of all the amenities the West End has to offer as well as the city’s four other higher education institutions; the University of Strathclyde, Glasgow Caledonian University, Glasgow School of Art and the Royal Conservatoire of Scotland.
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 and the University of Glasgow, the city’s largest and top-ranking higher education institution, is currently undertaking a GBP1 billion investment programme that will create a new world-class campus at the heart of the city’s cultural quarter.
Hines is targeting a combination of new developments and acquisitions as it seeks to increase its presence in the purpose-built student accommodation market. true Glasgow West End represents HGIT’s third investment in the asset class in the UK and Ireland following the acquisitions of Queens Court in Reading and Montrose in Dublin.
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.”
Bricks Capital has ambitious growth plans for the true brand, with 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. In addition, further projects are to be announced for delivery for the 2021 and 2022 academic years.