The US-based private equity firm ARES partnered with Generation to acquire a 301-bed student accommodation block for £35m as part of a new joint-venture strategy to target high-quality UK real estate. 


BASE Glasgow is located within walking distance of the Royal Conservatoire of Scotland, a world-leading school for music, drama, dance, production and film, and provides bespoke, modern facilities in a key city-centre location.

AG advised both companies on the transaction, helping to grow the partnership's UK student accommodation portfolio to 1,660 beds following a string of recent acquisitions, including across leading university cities including Exeter and Cardiff. 

The deal is significant because it demonstrates continued interest in the UK student property market which has suffered a series of setbacks due to continued cycles of lockdown. The sector appears likely to weather the storm, however, with a record number of school leavers applying for university places over the last year.

The transaction was led by AG partner Kirsty Nicholson, with support from Neil Hogg, Sarah Baillie, Fiona Gordon, Helen Hutcheson, Alana Barker and Kathryn Wilson. The deal was AG's first instruction from ARES.

AG partner Kirsty Nicholson said:

"Despite the disruption caused by Covid-19, UK student accommodation continues to see interest from leading investors, particularly developments which are located within key university cities and in close proximity to campus facilities. 

"We as a firm are continuing to see interest in the UK alternative real estate market, particularly rental schemes which provide high-quality facilities for young people, including build to rent housing and purpose-built student accommodation."

Key contact

Kirsty Nicholson

Kirsty Nicholson

Partner, Real Estate
Edinburgh, UK

View profile