Summary:
- Watkin Jones has sold its new purpose-built student accommodation scheme, the Ard in Glasgow, to a joint venture owned 95% by Maslow Capital and 5% by Watkin Jones, with a projected gross development value of £182m and secured revenues of £115m over three years.
- Watkin Jones will deliver and manage the 784-bed scheme through its Fresh accommodation business, targeting completion for the 2028/29 academic year, while receiving an initial net cash receipt of approximately £16m and phased income during construction.
- This marks Watkin Jones’ first partnership with Maslow Capital, expanding its funding sources amid sector volatility, and is expected to support the group’s revenue and profitability targets for FY2025 through innovative development funding and related party agreements.
Original article:
https://www.propertyreporter.co.uk/watkin-jones-announces-joint-venture-for-glasgow-pbsa-scheme.html
