Hines Global Income Trust, Inc., a publicly registered non-traded real estate investment trust, has acquired a 607-bed student housing property located in Glasgow, United Kingdom for £72 million (approximately $89.3 million assuming a rate of $1.24 per GBP as of the acquisition date).
True Glasgow West End was completed in 2017 by Bricks Capital, a London-based property development, hospitality and management group. The building is 100 percent occupied.
The property is a 10-minute walk from the University of Glasgow and close to 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.
Amenities include an ultra-high definition cinema, residents’ gym, café, study rooms, games room, football pitch and ‘festival zone’ events space. The property was named ‘Private Halls of Residence of the Year’ at Property Week’s Student Accommodation Awards in 2018.
The site will now be managed by Aparto, Hines’ student accommodation platform, and will be rebranded as ‘Aparto Glasgow.’
Hines is targeting a combination of new developments and acquisitions as it seeks to increase its presence in the purpose-built student accommodation market. The latest acquisition is the REIT’s third investment in the asset class in the UK and Ireland following the acquisitions of Queens Court in Reading and Montrose in Dublin.
“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 £800 million including pipeline,” said Jurriën de Koning, director of Hines UK.
Hines Global Income Trust, invests in commercial real estate properties and other real estate investments throughout the United States and internationally, launched its initial public offering in August 2014 and its second offering in December 2017.
As of June 30, 2019, Hines Global Income Trust raised $739 million through its public offerings, including shares issued through its distribution reinvestment plan. The REIT owned a portfolio of 11 properties with a total acquisition cost of approximately $917.7 million as of the second quarter of 2019.