Start date for twin Glasgow resi towers

Grant Prior 10 months ago
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Legal & General has exchanged contracts on its first Build To Rent scheme in Scotland with construction set to start by the end of this year on the two 18-storey towers in Glasgow.

Legal & General will forward fund Drum Property Group to deliver 324 apartments at the new Buchanan Wharf waterside regeneration area.

Buchanan Wharf is Legal & General’s fourth acquisition in Glasgow over the last 12 months.

Last year, Legal & General began development of a new 160 room hotel; acquired the Scottish court and tribunal building, Atlantic Quay 3; and forward funded the Atlantic Square Development to provide a major new UK Government hub.

Dan Batterton, Head of Build To Rent at LGIM Real Assets, said: “Glasgow has seen very low levels of residential development over the last decade.

“This acute supply and demand imbalance has made it an important target for us, demonstrating our commitment to quality asset selection, with sites cherry-picked by assessing needs-based demand to provide long-term, stabilised cashflows for investors.


“With Glasgow predicted to continue to see notable population growth, this latest acquisition is another great example of Legal & General investing in an area with significant urban regeneration potential and providing large scale sustainable rental schemes which will have a positive long term socioeconomic impact, delivering much needed homes.”

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