Portsmouth Council Approve 97-bed Student Scheme
15th Dec 2017
Watkin Jones has reportedly booked £153 million from one of the largest student accommodation sales reported in the UK.
The London Stock Exchange listed development company, has completed the forward sale of six student accommodation schemes to institutional investor Europa Generation.
Europa Generation is a joint venture by Europa Capital and Generation Estates Limited, with the goal to invest in prime purpose-built student accommodation across the UK. The Fund will acquire well located assets, where Europa Generation has identified potential for long term sustainable income growth.
The acquired portfolio has a gross development value of £165 million. Net of funding costs Watkin Jones is expected to receive £153 million.
The whole portfolio consists of 1,691 student beds, with five of the schemes due for completion by September 2018.
Commenting on the sale, chief executive of Watkin Jones, Mark Watkin Jones, said: "We are delighted to announce that we have successfully completed the sale of a portfolio of six student accommodation developments to Europa Generation for a gross development value of £165m.
"The group has now forward sold all of its developments that are planned for completion by September 2018. In addition, with the Between Towns Road, Oxford development for delivery in 2019, the number of developments forward sold for delivery before September 2019 has moved to 21, which represents 6,794 beds.
"This sale demonstrates that the group continues to benefit from having very strong and growing relationships with institutional investors, as well as our ability to provide excellent earnings visibility for our shareholders."
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