Business
WJ & Maslow Capital announce £102m PBSA scheme
Watkin Jones plc has announced a new £102 million purpose-built student accommodation (PBSA) development in Bristol through its joint venture with Maslow Capital, which will deliver 484 beds and generate secured revenues of approximately £55 million over its three-year construction period. This transaction, which is conditional on Gateway 2 approval expected in the first half of FY2026, represents the second scheme in the JV and is expected to result in a cash inflow of around £2 million in FY26, with potential for further revenue from a Realisation Sale not anticipated before Q4 2028. The Independent Directors consider the transaction fair and reasonable for shareholders, despite it being a related party transaction due to the JV's ownership structure and the presence of Group directors. Disclaimer*
About this update from Watkin Jones Plc
[{"type":"text","content":"\n\n15 December 2025\n \nWatkin Jones plc\n('Watkin Jones' or the 'Group')\n \nWatkin Jones and Maslow Capital announce £102m Bristol PBSA scheme\nWatkin Jones plc (\"Watkin Jones\" or the \"Group\"), the UK's leading developer and manager of residential property for rent, is pleased to announce that it has contractually exchanged on a further high-quality purpose-built student accommodation (\"PBSA\") development opportunity in Bristol into its Joint Venture (\"JV\") with Maslow Capital (the \"Transaction\").\nThe Transaction will have an estimated Gross Development Value ('GDV') of c.£102m upon completion of the development and will generate secured revenues of approximately £55m 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\"). The Transaction is conditional on Gateway 2 approval which is expected during the first half of FY2026. The Transaction will deliver a cash inflow of c. £2m in FY26.\nThe 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 in time for the start of the 2028/29 academic year. 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.\nThe development, situated in a prime location for Bristol's universities, on Malago Road in Bedminster, will comprise 484 beds across three blocks.\nThe Transaction represents the second scheme in the JV between Watkin Jones and Maslow Capital, following their earlier collaboration on a 784-bed PBSA scheme, The Ard, in Glasgow in September 2025. The partnership reflects the Group's ability to work with institutional capital to deliver standout, sustainable schemes in markets where demand continues to outpace supply.\nAlex Pease, Chief Executive Officer of Watkin Jones, commented:\n\"This transaction reflects our strategy to deepen relationships with institutional capital and deliver sustainable growth in the UK's most attractive student markets. Bristol's strong fundamentals and connectivity make it a key location, and this scheme will r...