1st Oct 2018 10:35
LONDON (Alliance News) - UK property developer Watkin Jones PLC said on Monday it has sold a portfolio of four purpose-built student accommodation development schemes to a joint venture of KKR and Round Hill Capital for GBP180 million.
The portfolio consists of 2,163 student accommodation beds in Glasgow, London and Coventry and associated commercial use classes.
Watkin Jones has also exchanged an option agreement with the joint venture for a fifth student accommodation scheme in Bristol, conditional on full planning consent.
The current payment will be payable over two years to September 2020, and additional payment for the Bristol scheme will be agreed to once the option is revised.
"We are delighted to announce that we have successfully completed the sale of a portfolio of four student accommodation developments and exchanged an option agreement, conditional on full planning consent, to sell a fifth development in Bristol," said Chief Executive Officer Mark Watkin Jones.
"Watkin Jones has an established reputation as a leading developer of high quality purpose-built student accommodation and it is this reputation that has led us to work with KKR and Round Hill in their first joint investment in the UK student housing market," Jones added.
Shares in Watkin Jones were up 1.8% at 199.40 pence on Monday.
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