Watkin Jones has completed the forward sale of a portfolio of six developments to an institutional investor, Europa Generation, for a gross development value of c. €187m (£165m). The six properties are Caledon House in Aberdeen (199 beds), Bailey Fields in Sheffield (543 beds), Market Street in Newcastle (225 beds), Midland Road in Bath (108 beds), Oxford House in Bournemouth (486 beds) and Between Towns Road in Oxford (144 beds).
The consideration payable to Watkin Jones over the course of the developments was about c. €173m (£153m), net of client funding costs.
Mark Watkin Jones, Chief Executive of Watkin Jones, said: “The Group has now forward sold all of its developments that are planned for completion by September 2018. 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."
Europa Generation is a joint venture by Europa Capital and Generation Estates Limited established to invest in prime purpose built student accommodation in the UK.
