€218.4m GDV PBSA Joint Venture between Watkin Jones & Maslow Capital

Highlights:

• Watkin Jones has entered a Joint Venture with Maslow Capital for a 784-bed purpose-built student accommodation (‘PBSA’) scheme in Glasgow with an estimated GDV of €218.4m upon stabilisation
• This is the first transaction between Watkin Jones and Maslow Capital

Watkin Jones, the UK’s leading developer and manager of residential properties for rent, is pleased to announce it has entered a Joint Venture (‘JV’) with Maslow Capital in respect of a PBSA scheme to be delivered in Glasgow.

The JV is Watkin Jones’ first transaction with Maslow Capital. The Ard, Glasgow promises to deliver a high-quality scheme in this prime city for student accommodation, where the growing student population is currently outpacing supply. In total, The Ard will offer 784 beds across a mixture of ensuite cluster beds, studios, and non ensuites.

The Ard is located between Glasgow city centre and the West End and is under 10 mins by public transport to both the University of Glasgow and the University of Strathclyde.

In line with Watkin Jones’ high sustainability standards, the development is targeting strong environmental credentials, targeting BREEAM Very Good, EPC B, and WiredScore Silver.

“This exciting new partnership with Maslow Capital reflects the strength of our proposition to institutional capital, leveraging the depth and quality of our purpose-built student accommodation offering in the UK. The fundamentals underpinning UK student accommodation remain compelling, with robust demand and supportive demographics. We are excited to collaborate on this standout project, which will deliver a high-quality sustainable development in a prime university location.”George Dyer, Group Investment Director at Watkin Jones

“Maslow Capital has a longstanding record of partnering with top developers across the living sector to deliver placemaking schemes. In Watkin Jones we see a sponsor with clear delivery discipline and operational know-how. Our role is to provide certainty of funding and a facility structured around the build programme, so the team can focus on execution and timely delivery for Glasgow’s students.”Sky Mapson, Senior Director, Origination at Maslow Capital

“Student accommodation continues to demonstrate resilient fundamentals, with strong demand across key UK cities outpacing available supply. Glasgow is a prime example of this imbalance, making it a highly attractive market for investment. We are pleased to support Watkin Jones with a facility that will deliver much-needed capacity in one of the country’s leading student centres.”Rachael Gordon, Head of Deal Execution (UK & Europe)