Business
Forward Sale of PBSA Development in Bristol
Forward Sale of PBSA Development in Bristol.
About this update from Watkin Jones Plc
[{"type":"text","content":"\n\n\n\n\n\n \n\n\n 7 March 2024\n\n\n\n\n \n \nWatkin Jones plc\n('Watkin Jones' or the 'Group')\n \nForward Sale of PBSA Development in Bristol\n \nWatkin Jones is pleased to announce the forward sale of a new 260 bed PBSA ('Purpose Built Student Accommodation') development at Gas Lane in Bristol to Hines, acquiring on behalf of the Hines European Property Partners Fund ('HEPP').\n \nThe contribution from this sale is reflected in the Group's current financial guidance, with an overall scheme margin expected to be in line with current target returns. The transaction will generate day one cash receipts of c. £11 million, net of repayment of the associated debt of c.£5 million.\n \nAs part of Bristol Temple Quarter, one of the UK's largest urban regeneration zones, it will transform the current brownfield site at Gas Lane into a new student community, helping to support the new University of Bristol Temple Quarter campus. The scheme is targeted to complete in time for the start of the 2025/26 academic year.\n \nAlex Pease, CEO of Watkin Jones, commented: \"We are delighted to announce the forward sale of this student accommodation development. This is our first transaction with Hines and we look forward to working with such a highly-regarded partner going forward.\n\"This transaction gives us confidence that sentiment in the institutional market continues to recover. As the market shows further signs of improvement, we are well-positioned to capitalize on this given our position in PBSA and Build to Rent, two of the most attractive asset classes in real estate.\"\n \n- Ends -\n \nThis announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (\"UK MAR\")\n \n \nFor further information:\n\n\n\n\nWatkin Jones plc\n\n\n \n\n\n\n\nAlex Pease, Chief Executive Off...