(News Bulletin 247) – Watkin Jones, a developer and manager of rental accommodation in the UK, announces today that the group has swapped contracts with funds managed by KKR, to eventually finance an 819 student accommodation program beds in Bristol.
Consideration will be payable to Watkin Jones throughout the development, which is expected to be completed in August 2024, and includes an upfront net cash receipt for Watkin Jones of approximately £25 million. Once completed, the project will be leased to the University of Bristol on a long-term basis.
KKR is making this investment as part of its European Core Plus Real Estate strategy, which focuses on thematic investments in high-quality, substantially stabilized assets with long-term growth potential.
Seb d’Avanzo, Managing Director and Head of Property Acquisitions for KKR in Europe, commented on the deal: ‘The student housing market shows compelling and resilient fundamentals and this property benefits from a long-term lease, which makes it makes it compatible with our Core Plus Real Estate strategy and our ambitions in this sector. ‘
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