UK: Watkin Jones has announced the forward sale of a new 260 bed PBSA development at Gas Lane in Bristol.
Hines is acquiring theist on behalf of the Hines European Property Partners Fund (‘HEPP’).
As part of Bristol Temple Quarter, one of the UK’s largest urban regeneration zones, the scheme 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.
Alex Pease, CEO of Watkin Jones, said: “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. 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.”
The transaction will generate day one cash receipts of around £11 million, net of repayment of the associated debt of around £5 million.
