International infrastructure group Balfour Beatty has sold its 100% stake in a 536-bed student accommodation building in Glasgow.
The company reported the sale of Foundry Courtyard last week in a Stock Exchange announcement which resulted in the group receiving net disposal proceeds of £26 million, with the sale generating a profit on disposal of £24 million.
While Balfour Beatty did not disclose the buyer, CoStar data suggests that Investec was the purchaser.
The infrastructure group added that the disposal was consistent with its strategy of "optimising value through the disposal of operational assets", which allows it to invest in new asset opportunities.
The proceeds from the sale are in line with the Balfour Beatty directors' valuation as of 27 June 2025, the announcement said.
Foundry Courtyard comprises 160,382 square feet on Kennedy Street and has amenities including a gym, communal lounge, bike storage and cinema lounge.
The building is a 6-minute walk to Glasgow Caledonian University, a 9-minute walk from Strathclyde University and a 27-minute bus ride to the University of Glasgow.
Investec was approached for comment.