Watkin Jones has sold it first co-living scheme to BP Pension Fund’s real estate arm Ropemaker Properties, as the developer increases its development pipeline to around £1.7bn.
The developer sold the co-living scheme, in Exeter, for £16.9m on a forward-funding basis. The scheme has 133 co-living studio flats.
It comes after Watkin Jones forward-sold 184 build-to-rent apartments in Leicester to Catella APAM for £31.7m in June, and 216 build-to-rent apartments in Hove, East Sussex, to L&G Investment Management last month for £76.5m.
The developer has also secured planning on three schemes – a 551-flat build-to-rent scheme in Birmingham, a mixed student and rental scheme in Bath with 315 flats and 335 student beds, and a 370-bed student scheme in Swansea.
Watkin Jones also bought two sites in the capital, one in south London with potential for 750 student beds, and another in east London with scope for 390. It also acquired a site in central Nottingham, with plans submitted for a 354-bed scheme.
The secured development pipeline is now worth around £1.7bn, covering 3,870 BTR flats and 6,750 student beds.
Richard Simpson, chief executive of Watkin Jones, said: “ Our delivery teams have performed strongly, with the majority of our developments for delivery in the current financial year already completed. We have been active in acquiring high-quality sites, securing planning and also forward selling to a broadening range of institutional investors, enhancing our development pipeline.”
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