LONDON (ShareCast) - (ShareCast News) - Student accommodation-focussed multi-occupancy property asset developer and builder Watkin Jones announced on Tuesday that it completed the forward-sale of a portfolio of six developments to institutional investor Europa Generation for a gross development value of £165m.
The AIM-traded firm said the consideration payable to Watkin Jones over the course of the developments would be around £153m, net of client funding costs.

Europa Generation is a joint venture by Europa Capital and Generation Estates, established to invest in prime purpose-built student accommodation in the UK.

The portfolio consisted of 1,691 student accommodation beds and 14 residential units, which all had planning consent granted.

Those developments included the 199-bed Caledon House in Aberdeen, the 543-bed Bailey Fields in Sheffield, the 225-bed Market Street in Newcastle, and the 108-bed Midland Road in Bath, all due for completion in September 2018.

It also included the 486-bed Oxford House in Bournemouth, also due for completion in September 2018, and the 144-bed Between Towns Road in Oxford, due for delivery in September 2019.

"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," said chief executive officer Mark Watkin Jones.

"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, Mark Watkin Jones said the number of developments forward sold for delivery before September 2019 had moved to 21, representing 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."

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