Forward selling paves way for work to start on Aberdeen student accommodation build

Watkins Jones Garthdee RoadStudent accommodation builder Watkin Jones is to begin work on a new Aberdeen project after securing the financial backing of Europa Generation.

The firm has forward sold six of its planned UK projects to the institutional investor for £153 million, all payable during construction.

The portfolio consists of 1,691 student accommodation beds and 14 residential units all with planning consent granted.

Located at the junction of Garthdee and Auchinyell Road on the site of the former Caledon House, the 199-bed accommodation in Aberdeen will serve students of Robert Gordon University.

The ICA-designed development is due for completion in 2018.

Mark Watkin Jones, chief executive of Watkin Jones, said: “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.”

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

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