Soller Group has sold BASE Glasgow to Ares Management Corporation and Generation Estates for £35 million. BASE Glasgow is an operational purpose built student accommodation scheme (PBSA). The 301-bed scheme developed by Soller is in its second year of trading and has delivered high-level occupancy both prior and throughout the pandemic. Soller originally bought the site, previously a dilapidated bus depot, in 2014 and has taken the project through the full life cycle to exit. This has included three rounds of financing, the creation and subsequent approval of planning permission and the agreement for a lease on over 50% of the building to the Royal Conservatoire of Scotland, one of the world's leading specialist music and performing arts institutions.
Nick Treadaway, Founder and CEO of Soller said 'BASE Glasgow has proved to be a fantastic success story for Soller despite a very difficult time for the Real Estate sector and the wider economy. The asset was delivered on time and on budget with an exceptional professional team including; GRAHAM Group, David Crombie at Turner & Townsend; Neil Haining and Dan Challis at mosaic architecture + design; Johane MurrayTom Boulton-Jones, Jane McMonagle, Jennifer Laurie, Iain Smith, Harriet Rutherford, and Jack Moir at Brodies LLP; Ian Gallacher at Iceni Projects; and Alicia Crisp at MHA MacIntyre Hudson. BASE has been very well received by the residents, not only for its outstanding location but also the facilities it offers.'
Knight Frank and Atrium ARE acted for Soller in the sale.