Deals signed for funding of Student housing Project in UK
Watkin Jones has exchanged contracts with funds managed by KKR to forward-fund an 819-bed purpose-built student housing (PBSA) scheme in Bedminster, Bristol, UK.
The scheme will include approximately 15,000 sq. ft of interior space (a mix of five to 12-bed cluster flats), while exterior space will include a private terrace, courtyard and gardens, as well as access to the Malago River Corridor. Upon completion, the project will be fully leased to the University of Bristol on a long-term basis. Watkin Jones was advised by Cushman & Wakefield and Addleshaw Goddard LLP. KKR were advised by Bryan Cave Leighton Paisner LLP. The funds will be disbursed to Watkin Jones during the development of the project and Watkin Jones' initial net cash receipt will be approximately GBP25 million (US$30 million). These funds were invested as part of the KKR European Core Plus Real Estate strategy.
The development of the project is expected to be completed in August 2024.
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