Watkin Jones completes £165m portfolio sale
Watkin Jones has forward sold a portfolio of six developments to an institutional investor, Europa Generation, for £165m.
The Bangor-based developer of student accommodation will net £153m after costs.
The portfolio consists of 1,691 student beds all of which have planning permission. The projects are in Aberdeen, Sheffield, Newcastle, Bath, Bournemouth and Oxford. Five are due for completion in September 2018 and one a year later.
The sale means all new developments due for completion before the start of the 2018 academic year have now been sold.
Mark Watkin Jones, chief executive, told shareholders “the sale demonstrates that the group continues to benefit from having very strong and growing relationships with institutional investors.”
Shares in the developer rose 2% to 181p, valuing it at nearly £500m.