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.

Your Comments

Read our comments policy

Related Articles

Sign up to receive the Place Daily Briefing

Join more than 12,000 property professionals and receive your free daily round-up of built environment news direct to your inbox

Subscribe

Join more than 12,000 property professionals and sign up to receive your free daily round-up of built environment news direct to your inbox.

By subscribing, you are agreeing to our Terms & Conditions and Privacy Policy

"*" indicates required fields

Name*
Would you also like to receive our free PlaceTech Weekly newsletter, covering innovation in property?*