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Bangor Firm Makes £153m From Lucrative Student Accommodation Property Deal

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In one of the most successful sell-off deals in the UK, Bangor property development firm, Watkin Jones, has announced that they have made £153m profit from a forward sale. Selling off a portfolio of six schemes to institutional investor, Europa Generation, the portfolio consists of 1,691 student accommodation beds and 14 residential units.

With planning consent granted on all six of the student accommodation developments, five of the schemes are set for completion as early as September of next year.

The properties are:

  • Caledon House in Aberdeen, with 199 student bedrooms, which is due for completion in September 2018.
  • Bailey Fields, in Sheffield, with 543 student bedrooms, which is due for completion in September 2018.
  • Market Street, in Newcastle, 225 student bedrooms, which is due for completion in September 2018.
  • Midlands Road, Bath, 108 student bedrooms, which is due for completion in September 2018.
  • Oxford House, Bournemouth, 486 student bedrooms, which is due for completion in September 2018.
  • Between Towns Road, Oxford, 144 student bedrooms, which is due for completion in September 2019.

Chief executive of Watkin Jones, Mark Watkin Jones, said:  

“We are delighted to announce that we have successfully completed the sale of a portfolio of six student accommodation developments to Europa Generation for a gross development value of £165m.

“The group has now forward sold all of its developments that are planned for completion by September 2018. In addition, with the Between Towns Road, Oxford development for delivery in 2019, the number of developments forward sold for delivery before September 2019 has moved to 21, which represents 6,794 beds.

“This sale demonstrates that the group continues to benefit from having very strong and growing relationships with institutional investors, as well as our ability to provide excellent earnings visibility for our shareholders.”