Hines acquires Glasgow BTR property

Global real estate firm Hines has purchased Solasta Riverside, a 324-unit build-to-rent apartment tower in Glasgow's city centre. 

Solasta Riverside

This acquisition, made through Hines European Property Partners (HEPP) from Legal & General, highlights the increasing institutional interest in Scotland's undersupplied rental market.
The 20-story building is situated within the €463 mln Clyde Place regeneration area. Completed in 2022, the 19,600 m2 residential development includes premium amenities such as a gym, co-working spaces, a private roof terrace, and a games room, as well as 353 square meters of ground-floor commercial space. 
Its prime location, just a five-minute walk from Glasgow Central station and near major companies like Barclays, PwC, EY, and HMRC, makes it a desirable property.
Jurriën de Koning, managing director at Hines, commented: "Glasgow presents a compelling proposition to graduates and young professionals, boasting a diverse and prestigious range of locally headquartered employers, a high-quality of life and thriving cultural ecosystem. These factors support robust demand for high-quality rental accommodation in the city centre."
Mike Powell, head of Residential Transactions at Legal & General, added: "The sale of Solasta, Glasgow is another example of how we are delivering on our business plan of recycling capital to support the delivery of new homes and increasing much-needed housing supply across the UK." 
Hines was advised in the transaction by CBRE and Pinsent Masons, while Legal & General, the seller, was represented by Knight Frank and Addleshaw Goddard.