A UK student accommodation provider has agreed a major deal to buy up two new developments in Bristol and York for £70million from property company Summix Capital.
Student Roost, which manages 52 student sites across the country, signed the forward-funding agreement with developer Watkin Jones Group.
The deal includes a 291-bed property at Unity Street, in Bristol, and a 368-bed student development at Frederick House, in York, which are yet to be built.
Construction is due to start on the two projects this month.
The Unity Street property will be Student Roost’s first in Bristol and will include 102 co-living bedrooms.
Stephen Rigby, chief investment officer at Student Roost, said: “It’s fantastic news that we’ve been able to agree this deal with Summix Capital and Watkin Jones, particularly in the current environment.
“It’s another vote of confidence in our business and the PBSA sector from our investors Brookfield and our lenders Investec.
“York is a very strong market for us, Bristol has been a long-standing target market, so we’re pleased to acquire the sites, and we’re looking forward to working with Watkin Jones again.
“We think the completed developments will work very well in these locations, particularly with the wide range of affordable accommodation options that we’ll be offering.”
Stuart Black, development director at Summix Capital, added: “We are delighted to have completed the sales of these two fantastic sites during such difficult times, which is testament to the quality of the projects and the parties involved, and are excited to see them progress through to the next stage of their development.”
Knight Frank acted for Summix Capital.
