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Scottish site acquired for £100M rental development

Developer and build-to-rent operator Platform_ made its first foray into Scotland with the purchase of a two-acre land parcel with a gross development value of around £100 million in the Central Quay regeneration project in Glasgow, Property Week reported.

The site was divested by Harbert Management Corp. and XLB Property, which received planning permission for the scheme before the deal. Platform_ plans to build "accessibly priced private rented housing" across the country, the Feb. 8 report added, citing Jean-Marc Vandevivere, the company's CEO.

The development, which will be Platform_'s second new-build project after a 350-unit scheme in central Sheffield, U.K., will feature more than 400 apartment units built around a courtyard, overlooking River Clyde.