Aviva Investors has acquired a purpose-built student accommodation (PBSA) scheme in Glasgow for £23m.
The 99-bed, all-studio development at 31 Gilbert Street, completed in January this year and is fully let for the 2024/2025 academic year.
The property offers rooms varying in size from 17 sq m to 29 sq m and the on-site amenity provision includes a gym, communal lounge, cinema room and external courtyard.
The fully-electric development has an EPC A rating and it offers the scope to add roof-mounted photovoltaic solar panels.
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, we believe it will bring long-term performance to our portfolio and support client outcomes.”
