Europa, a pioneer in pan-European real estate investment, announces that it has completed the acquisition of a 342-unit, newly developed built-to-rent (“BTR”) scheme, Granary Quay, in Glasgow, Scotland, from the Dandara Group, one of the UK’s leading residential developers and operators.
Located in Glasgow’s West End, Granary Quay, which comprises a mix of studio, 1-bed and 2-bed apartments and reached practical completion in May 2024, is currently 69% occupied. Overlooking the River Clyde, the building has been designed to a high standard with an attractive fit out and well considered amenities, including a co-working space and gym. The property benefits from landscaped gardens, communal areas for residents, including a lounge and a house kitchen.
Europa has identified a number of asset management initiatives to build on the asset’s sustainability credentials, including the installation of additional rooftop solar panels, with the aim of targeting a ‘BREEAM Excellent’ accreditation in the longer term. The property will continue to be operated by Dandara Living which will be responsible for the day-to-day management.
Granary Quay is located within Glasgow Harbour on the north bank of the River Clyde, a river-front extension of Glasgow’s West End. The development is a short walk from The University of Glasgow and Partick Station, and The Queen Elizabeth University Hospital, the largest Hospital Campus in Europe, is just a 10 minute bus ride away.
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, commented: “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.
