Edmond de Rothschild Real Estate Investment Management (REIM) has secured its first investment in Scotland, developing a prime residential site in Glasgow for £25.9m.
The firm has agreed to forward-fund a build-to-rent development of 114 apartments in Finnieston, by Drum Property Group, which will act as development manager for the fund.
The G3 Square site is located on Minerva Street, adjacent to Exhibition Centre Station. A detailed planning application will be produced during the first quarter next year, with construction completion scheduled for July 2023.
Charlie Miller, co-head of residential in the UK and director of residential transactions at Edmond de Rothschild REIM, said: “G3 Square is an excellent opportunity to establish the fund’s first development in Scotland, where we will provide high-quality rental accommodation at affordable levels in line with the strategy for the fund.”
The Edmond de Rothschild Residential Investment Fund UK, which invests in the private rented sector (PRS) on behalf of European institutional investors, was launched in August 2018 and to date has raised equity commitments of around £260m.
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