Pan-European real estate investor Europa has completed the purchase of Granary Quay, a newly developed 342-unit build-to-rent scheme located in Glasgow, UK.
The property, which was developed by UK residential developer Dandara Group, reached practical completion in May 2024 and is currently 69% occupied.
Granary Quay offers a mix of studio, one-, and two-bedroom apartments, each designed to a high standard with attractive interior finishes. The building boasts a range of amenities, including a co-working space, gym, landscaped gardens, and communal areas for residents.
Europa plans to enhance Granary Quay's sustainability by installing additional solar panels and aiming for a BREEAM Excellent rating. Dandara Living will continue to manage the property.
Ed Crockett, head of Investment Execution at Europa, commented: ‘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.’
Situated in Glasgow's West End, Granary Quay is a waterfront development located on the north bank of the River Clyde. The property is within walking distance of The University of Glasgow and Partick Station, and just a 10-minute bus ride from The Queen Elizabeth University Hospital, Europe's largest hospital campus.
Europa was advised by Brodies, PwC, CBRE, Hollis, and AESG, while Dandara was advised by Savills and DWF.
