The 20-storey Solasta Riverside development in Glasgow has been acquired by Hines’ open-ended strategy Hines European Property Partners.

The scheme was completed in 2022 and comprises a mix of studio, one-, two- and three-bedroom apartments totally 211,000 sq ft.

In addition, there is 3,800 sq ft of ground-floor commercial space at the site alongside a gym, co-working space, private roof terrace and games room.

Hines was advised by CBRE and Pinsent Masons during the transaction while Knight Frank and Addleshaw Goddard advised the vendor Legal & General.

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“Glasgow presents a compelling proposition to graduates and young professionals, boasting a diverse and prestigious range of locally headquartered employers, a high-quality of life and thriving cultural ecosystem,” said Jurriën de Koning, managing director at Hines.

“Against the backdrop of a long-term undersupply catering to Glasgow’s young professional cohort, our acquisition of Solasta offers the opportunity to capture consistently high occupancy rates and, through active asset management, aim to upgrade the asset’s operational and technical specifications to ensure the scheme keeps pace with the evolving priorities of Glasgow’s renters.”

Mike Powell, head of residential transactions at Legal & General, added: “The sale of Solasta, Glasgow is another example of how we are delivering on our business plan of recycling capital to support the delivery of new homes and increasing much-needed housing supply across the UK.”