Aviva Investors has acquired a purpose-built student accommodation (PBSA) property in Glasgow for c. €27.4m, as it continues to grow its strategic asset allocation to UK living.
Completed in January 2024 and fully let for the 2024/2025 academic year, 31 Gilbert Street is a 99-bed, all-studio development which offers rooms varying from 17m2 to 29m2 in size, including several accessible rooms. The development also offers student residents an on-site gym, whilst also benefitting from access to a communal lounge, cinema room and external courtyard.
The property holds an EPC rating of ‘A’ and has no fossil fuels on site, having been built with all-electric solutions and air-source heat pumps for its ongoing energy and heating needs. There is also scope to add roof-mounted photovoltaic (PV) solar panels.
31 Gilbert Street sits in the west end of Glasgow and is an 11-minute walk to the University of Glasgow, one of the UK’s 24 Russell Group universities recognised as being world-class, research-intensive institutions.
James Stevens, Head of Real Estate Investment at Aviva Investors, said: “This is another example of Aviva Investors materially increasing its investment in the UK’s living and residential sector. The supply of student accommodation has fallen in recent years, despite student numbers continuing to rise. Glasgow is a prime example of this, with the city having the second-highest shortfall of student beds in the UK. Not only does this acquisition show how private capital can play a role in addressing this imbalance, but we believe it will bring long-term performance to our portfolio and support client outcomes.”
Image source - Pexels.
Written by Leon Goldwater for Europe Real Estate.
Europe Real Estate — an overview of real estate developments in European countries.
