Hines Global Income Trust Acquires Award-Winning Student Accommodation Development in Glasgow From Bricks Capital

September 30, 2019

Acquisition strengthens Hines’ growing aparto brand

(LON­DON) – Hines, the inter­na­tion­al real estate firm, is pleased to announce that Hines Glob­al Income Trust, Inc. (“Hines Glob­al”) has acquired a 607-bed oper­a­tional stu­dent asset in Glas­gow for £72 million.

The award-win­ning true Glas­gow West End was named Pri­vate Halls of Res­i­dence of the Year’ at Prop­er­ty Week’s pres­ti­gious Stu­dent Accom­mo­da­tion Awards in 2018. The devel­op­ment of true Glas­gow West End was com­plet­ed in 2017 by Bricks Cap­i­tal, a Lon­don-based prop­er­ty devel­op­ment, hos­pi­tal­i­ty and man­age­ment group. The icon­ic build­ing cur­rent­ly boasts a 100% occu­pan­cy rate.

Locat­ed on Kelv­in­haugh Street, the devel­op­ment is a 10 min­utes’ walk from the Uni­ver­si­ty of Glas­gow and is with­in easy reach of all the ameni­ties the West End has to offer as well as the city’s four oth­er high­er edu­ca­tion insti­tu­tions; the Uni­ver­si­ty of Strath­clyde, Glas­gow Cale­don­ian Uni­ver­si­ty, Glas­gow School of Art and the Roy­al Con­ser­va­toire of Scotland.

The devel­op­ment is one of Glasgow’s most pop­u­lar stu­dent halls, fea­tur­ing ameni­ties includ­ing a 4K Ultra-High Def­i­n­i­tion cin­e­ma, res­i­dents’ gym, café, study rooms, games room, foot­ball pitch and fes­ti­val zone’ events space.

The site will now be man­aged by aparto, Hines’ award-win­ning stu­dent accom­mo­da­tion plat­form, and will be rebrand­ed as aparto Glas­gow’ incor­po­rat­ing com­mu­ni­ty-focused events, ini­tia­tives and wide-rang­ing stu­dent sup­port which has become syn­ony­mous with aparto.

Glas­gow has a total full-time stu­dent pop­u­la­tion of 60,000 and the Uni­ver­si­ty of Glas­gow, the city’s largest and top-rank­ing high­er edu­ca­tion insti­tu­tion, is cur­rent­ly under­tak­ing a £1 bil­lion invest­ment pro­gram that will cre­ate a new world-class cam­pus at the heart of the city’s cul­tur­al quarter.

Hines is tar­get­ing a com­bi­na­tion of new devel­op­ments and acqui­si­tions as it seeks to increase its pres­ence in the pur­pose-built stu­dent accom­mo­da­tion mar­ket. true Glas­gow West End rep­re­sents HGIT’s third invest­ment in the asset class in the UK and Ire­land fol­low­ing the acqui­si­tions of Queens Court in Read­ing and Mon­trose in Dublin.

Jur­riën de Kon­ing, Direc­tor of Hines UK, said: Glas­gow is a high­ly pop­u­lar stu­dent des­ti­na­tion and true Glas­gow West End pro­vides an excep­tion­al stu­dent expe­ri­ence that aligns per­fect­ly with our aparto plat­form. The site is well posi­tioned to ben­e­fit from the Uni­ver­si­ty of Glasgow’s £1 bil­lion invest­ment in its cam­pus, as well as the con­tin­ued pop­u­lar­i­ty of Glasgow’s high­er edu­ca­tion institutions.”

The acqui­si­tion of high-qual­i­ty exist­ing stu­dent accom­mo­da­tion assets in top uni­ver­si­ty loca­tions will form an impor­tant part of our strat­e­gy as Hines looks to grow its UK & Ire­land stu­dent port­fo­lio of over 5,500 beds and a GDV of cir­ca £800 mil­lion includ­ing pipeline.”

Peter Prick­ett, CEO of Bricks Cap­i­tal said: Our roll-out plan for the true stu­dent brand remains as strong as ever, and this deal allows the accel­er­a­tion of our brand in key loca­tions around the UK, sig­nif­i­cant­ly expand­ing our presence.”

Bricks Cap­i­tal has ambi­tious growth plans for the true brand, with four new devel­op­ments open­ing in 2020, includ­ing a 706-bed scheme in Swansea, 398 beds in Birm­ing­ham, 402 in Sal­ford and a fur­ther 315 in Glas­gow. In addi­tion, fur­ther projects are to be announced for deliv­ery for the 2021 and 2022 aca­d­e­m­ic years.

About Hines Glob­al Income Trust

Hines Glob­al Income Trust is a pub­lic, non-list­ed real estate invest­ment trust spon­sored by Hines. It com­menced oper­a­tions in 2014 and invests in com­mer­cial real estate invest­ments locat­ed in the Unit­ed States and inter­na­tion­al­ly. For addi­tion­al infor­ma­tion about Hines Glob­al Income Trust, vis­it www​.hinesse​cu​ri​ties​.com/​c​u​r​r​e​n​t​-​o​f​f​e​r​i​n​g​s​/​hgit/.

About Hines

Hines is a pri­vate­ly owned glob­al real estate invest­ment firm found­ed in 1957 with a pres­ence in 219 cities in 23 coun­tries. Hines has approx­i­mate­ly $124.3 bil­lion of assets under man­age­ment, includ­ing $63.8 bil­lion for which Hines pro­vides fidu­cia­ry invest­ment man­age­ment ser­vices, and $60.5 bil­lion for which Hines pro­vides third-par­ty prop­er­ty-lev­el ser­vices. The firm has 148 devel­op­ments cur­rent­ly under­way around the world. His­tor­i­cal­ly, Hines has devel­oped, rede­vel­oped or acquired 1,362 prop­er­ties, total­ing over 449 mil­lion square feet. The firm’s cur­rent prop­er­ty and asset man­age­ment port­fo­lio includes 514 prop­er­ties, rep­re­sent­ing over 222 mil­lion square feet. With exten­sive expe­ri­ence in invest­ments across the risk spec­trum and all prop­er­ty types, and a pio­neer­ing com­mit­ment to sus­tain­abil­i­ty, Hines is one of the largest and most-respect­ed real estate orga­ni­za­tions in the world.

Since enter­ing Europe in 1991, Hines has grown its Euro­pean plat­form to include offices in 16 cities as well as a pres­ence in 47 cities in 12 coun­tries, with €18.2 bil­lion of assets under man­age­ment in Den­mark, Fin­land, France, Ger­many, Greece, Ire­land, Italy, Nether­lands, Poland, Spain and the Unit­ed Kingdom.

Vis­it www​.hines​.com for more information.

About aparto

We believe that home is not just about your room, but your over­all expe­ri­ence. This not only means excel­lent­ly designed com­mu­nal areas, but reg­u­lar events and fun ini­tia­tives — like brew­ing your own ale or down-time with one of our res­i­dent pets. We call it our com­mit­ment to com­mu­ni­ty. And because study­ing can some­times feel all-encom­pass­ing, we’ve gone to extra mea­sures to ensure there are more — and friend­lier — staff always on hand should any prob­lems arise.

In August 2019 aparto picked up four awards at the Nation­al Stu­dent Hous­ing Sur­vey awards, includ­ing Best Pri­vate Halls Provider, Best Indi­vid­ual Accom­mo­da­tion, Best Stu­dent Broad­band and a Qual­i­ty Mark for Inter­na­tion­al Accommodation.

aparto has over 3,000 beds in oper­a­tion and a fur­ther 2,500 in devel­op­ment across Europe. Vis­it www​.apartostu​dent​.com for more information.

About Bricks Capital

Found­ed in 2008, Bricks Cap­i­tal is a dynam­ic port­fo­lio of ser­vices and brands across cap­i­tal, prop­er­ty and asset man­age­ment. Their port­fo­lio includes pur­pose-built stu­dent accom­mo­da­tion, hotel and res­i­den­tial projects, with a port­fo­lio in con­struc­tion in excess of £320 million.

With offices in Asia and Lon­don, Bricks Cap­i­tal has six devel­op­ments com­plet­ing in 2020, includ­ing four PBSA devel­op­ments which its award-win­ning true stu­dent brand will oper­ate. They will also add two more hotels to their port­fo­lio, one at Lon­don City Air­port to be oper­at­ed by Mar­riott, and one on the fin­ish Line at Sil­ver­stone which will be a Hilton Gar­den Inn.

For­ward-Look­ing Statements

State­ments in this press release, includ­ing inten­tions, beliefs, expec­ta­tions or pro­jec­tions relat­ing to the acqui­si­tion described here­in, are for­ward-look­ing state­ments with­in the mean­ing of Sec­tion 27A of the Secu­ri­ties Act of 1933, as amend­ed, and Sec­tion 21E of the Secu­ri­ties Exchange Act of 1934, as amend­ed. Such state­ments are based on cur­rent expec­ta­tions and assump­tions with respect to, among oth­er things, future ben­e­fits to be real­ized with respect to expect­ed devel­op­ment of the Uni­ver­si­ty of Glas­gow’s cam­pus, future eco­nom­ic, com­pet­i­tive and mar­ket con­di­tions and future busi­ness deci­sions that may prove to be incor­rect or inac­cu­rate. Impor­tant fac­tors that could cause actu­al results to dif­fer mate­ri­al­ly from those in the for­ward-look­ing state­ments include the risks asso­ci­at­ed with the suc­cess of the imple­men­ta­tion of the Uni­ver­si­ty of Glas­gow’s invest­ment in its cam­pus and oth­er risks described in the Risk Fac­tors sec­tion of Hines Glob­al Income Trust’s Annu­al Report on Form 10‑K for the year end­ed Decem­ber 31, 2018, as updat­ed by its oth­er fil­ings with the Secu­ri­ties and Exchange Com­mis­sion. You are cau­tioned not to place undue reliance on any for­ward-look­ing statements.

Press Contact
Erica Campbell

212 294 9024