Business
Watkin Jones announces £182m PBSA Joint Venture
Watkin Jones plc announced the sale of a new purpose-built student accommodation scheme in Glasgow to a joint venture, with Maslow Capital owning 95% and Watkin Jones 5%. The transaction involves a scheme with approximately 784 beds and a projected Gross Development Value of about £182m upon completion. This will generate secured revenues of approximately £115m for Watkin Jones over the three-year construction period. The transaction will also deliver an initial net cash receipt of around £16m and contribute to the Group's revenue and profitability in FY2025. Completion is targeted for the start of the 2028/29 academic year. Disclaimer*
About this update from Watkin Jones Plc
[{"type":"text","content":"\n\n \n30 September 2025\n \nWatkin Jones plc\n('Watkin Jones' or the 'Group')\n \n£182m PBSA Joint Venture between Watkin Jones & Maslow Capital\n \nWatkin Jones, the UK's leading developer and manager of residential for rent, is pleased to announce the sale of a new c.784 bed purpose-built student accommodation ('PBSA') scheme in Glasgow (the \"Ard\") to a newly created joint venture (the \"JV Entity\") owned 95% by Maslow Capital and 5% by the Group (the \"Transaction\"). The Ard will deliver high-quality accommodation in one of the UK's prime cities for student living, in a central location highly accessible to Glasgow's main universities.\n \nThe Transaction, which has a projected Gross Development Value of c.£182m at completion, will generate secured revenues for the Group of approximately £115m over the course of its three-year construction period. In addition, there is the potential to generate further revenue through the sale of the property once completed (the \"Realisation Sale\").\n \nUnder the structure, the Group will be responsible for the delivery of the scheme through to completion, as well as its ongoing management by Fresh, the Group's accommodation management business. Completion is targeted for the start of the 2028/29 academic year.\n \nThe Transaction will deliver an initial net cash receipt of c.£16m, as well as contributing to the Group's revenue and profitability in FY2025. Further income will be phased over the course of the construction process. The Group will also benefit from additional revenue proportionate to any returns in excess of agreed hurdle rates delivered by a Realisation Sale. Any such sale is not expected to occur before Q4 2028.\n \nThis is Watkin Jones' first transaction with Maslow Capital and is a further demonstration of the Group's ability to broaden its portfolio of funding partners against a backdrop of continued volatility within the UK's residential development and construction sectors.\n \nThis transaction, together with the continued strong operational delivery across the business through the second half, is expected to enable the Group to meet its financial expectations for FY2025.\n \nAlex Pease, Chief Executive Officer of Watkin Jones, commented:\n\"This transaction represents a significant further step f...