Europa has completed the acquisition of the 342-unit, newly-developed Granary Wharf build-to-rent (BTR) scheme in Glasgow from Dandara Group for an undisclosed price.
The scheme, which is located in the West End of the city, comprises a mix of studio, one- and two-bed apartments and reached practical completion in May 2024. It is currently 69% occupied.
The on-site amenity provision includes co-working space and a gym, landscaped gardens and communal areas for residents, including a lounge and a house kitchen.
Ed Crockett, head of investment execution at Europa, said: “Granary Quay is a high-quality BTR asset providing well-located accommodation that is affordable to the mainstream renter in a market which is heavily undersupplied and continues to present viability challenges for new development.
“This acquisition aligns with our focus on investing where we see an opportunity to stabilise and reduce the risk profile of an asset over the medium term and presents us with the prospect of delivering a strong and highly durable income stream over the coming years. The potential for continued regulatory change has created a barrier to entry for new BTR developments, as such we were pleased to be able to secure this investment.”
Jim Davies, CEO of Dandara Living, added: “The acquisition of Granary Quay by Europa is further recognition of the growth potential and confidence in the UK’s BTR sector, and Dandara Living’s position as leading specialist in the delivery and operation of large-scale multifamily schemes. This latest transaction marks another major milestone as we continue to expand our footprint across London, the Southeast and prime regional city centres.”
Europa was advised by Brodies, PwC, CBRE, Hollis and AESG. Dandara was advised by Savills and DWF.
