U.K. property developer Watkin Jones PLC closed on its forward sale of a purpose-built student accommodation development in Wembley, U.K., which has planning approval for 599 beds, for approximately £90 million.
The real estate investment business of asset manager DWS Group will pay the consideration over the course of the development of the scheme, which is slated for delivery in time for the start of the 2021/2022 academic year.
Watkin Jones' purpose-built student accommodation asset manager, Fresh Student Living, will manage the completed scheme, which includes a retail component and external communal area.
The scheme forms part of a broader mixed-use site that also includes 300 build-to-rent apartments and related underground car park, which Watkin Jones is under contract to develop for a joint venture between Lum Chang Holdings Ltd. and Sin Heng Chan (1960) Pvt. Ltd.