Bangor-based developer and manager in the rental accommodation sector, Watkin Jones, has secured a forward funding deal for a major student scheme in Bristol.
The Alternative Investment Market listed business has exchanged contracts with global investment firm KKR for it to deliver a 819 bed purpose-built student accommodation (PBSA) scheme which on completion will be leased by KKR to the University of Bristol on a long-term basis.
The development, in Dalby Avenue in the Bedminster area of the city, is due for completion in August next year. The forward funding includes a initial net cash payment from KKR to Watkins Jones of £20m. Further payments will be released over the construction period.
