Watkin Jones (WJG.L) forward sold a purpose-built student accommodation development in London to Housing Growth Partnership, with the three-year development scheme set to be delivered via a new joint venture established by the two parties.
The Watkin Jones (Grove Crescent) Holding joint venture is 25% owned by the UK residential developer and 75% by the Housing Growth Partnership, which is part of Lloyds Banking Group (LLOY.L).
The joint venture will be funded by the Housing Growth Partnership and third-party debt finance, while Watkin Jones will oversee the 397-bed accommodation's completion and ongoing management through its Fresh subsidiary.
Watkin Jones will initially receive c. €23.4m from the deal, with further income to be phased as construction progresses. Completion is expected by the beginning of the 2026/27 academic year. The joint venture plans to sell the accommodation scheme once it is complete and stable.
Image source - Pexels.
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