LONDON – March 15 , 2021 – Ares Management Corporation (Ares) (NYSE: ARES) and Generation Partners (Generation) announced today that the joint venture established by a fund managed by the Ares Real Estate Group and Generation have acquired BASE Glasgow, a further student accommodation asset providing 301 beds in Glasgow. This is the second transaction under a new initiative by Ares and Generation focusing on Purpose-Built Student Accommodation (PBSA) assets in the UK and brings the total number of beds in the current portfolio to 1,660.
The asset is located in Glasgow city centre and principally houses students from the Royal Conservatoire of Scotland. It was developed by Soller Group and provides high-quality accommodation together with bespoke facilities for students studying music, drama and dance.
“We are excited to complete our second transaction with the Generation team and add what we believe is an excellent asset to our expanding UK PBSA portfolio,” said Wilson Lamont, Partner and Co-Head of European Real Estate Equity in the Ares Real Estate Group. “We look forward to identifying additional high-quality opportunities in target markets throughout the UK as we seek to continue to grow the portfolio in this sector.”
Alan Artus, Chief Executive of Generation commented, “Following establishment of our joint venture with Ares and our acquisitions in Exeter and Cardiff, it is exciting to quickly expand the portfolio by adding such a unique asset in Glasgow. The Royal Conservatoire of Scotland is globally regarded as a centre of excellence and one of the world’s top performing arts education institutions and we look forward to working with them over the coming years.”
Savills Capital Advisors acted as Financial Advisor to Ares and Generation.