US real estate giant Hines has agreed a deal to buy a new purpose-built student accommodation development in Bristol for an undisclosed sum.
The 260-bed property being built on Gas Lane was acquired on behalf of the Hines European Property Partners Fund (HEPP) from Watkin Jones, a 海角视频 developer and manager of residential properties for rent.
The site is part of the new Bristol Temple Quarter and is expected to be completed in time for the start of the 2025/26 academic year. The building will have 219 en suite bedrooms and 41 self-contained studios along with amenities including a landscaped roof terrace.
Jorge Duarte, senior managing director and fund manager of HEPP, said: "The creation of class-A student living schemes in our preferred markets is a high-conviction investment theme for us and we鈥檙e delighted to have secured another asset in a prime location.
鈥淭he number of students going into education has grown exponentially and the undersupply of purpose-built student housing in the 海角视频 is well documented. Schemes like this one provide the opportunity to play our part in building the purpose-built student accommodation that the 海角视频 desperately needs, while seeking to deliver real value to our investors.鈥
On completion, Gas Lane will be managed by aparto - Hines鈥 student living platform. Hines set up aparto almost a decade ago as the in-house operating platform for its student accommodation investments in Europe.
As of February 2024, aparto operates more than 6,000 student beds in the 海角视频, Ireland, Spain and Italy, and recently announced two projects in Paris which will add another 1,300 beds to the portfolio and mark its entry into France.
Alexandra Gumuchian, director at Hines 海角视频, said: 鈥淭his acquisition gives us the opportunity to transform a dormant brownfield site into a well-connected, highly-amenitised asset to the community. The 海角视频鈥檚 higher education system is the envy of the world and we are proud to have Hines 海角视频 play our part in creating another student living space that lives up to that global reputation.鈥
The scheme will target sustainability certification BREEAM Excellent and tech rating WiredScore Silver. It plans to feature more than 80 bicycle parking spaces, biodiverse roof areas, integrated bird and bat boxes, and wildlife friendly landscaped areas. At least 80% of non-hazardous and demolition waste generated throughout the construction will be re-used or recycled, Hines said.
George Dyer, group investment director at Watkin Jones, added: 鈥淲e are delighted to be working with Hines on this exciting opportunity. Bristol continues to be one of the 海角视频鈥檚 leading purpose-built student accommodation markets with two-high performing institutions.
"This scheme will play a key part in helping to address the ongoing shortage in student accommodation, and I鈥檓 pleased that Watkin Jones is bringing forward much needed modern PBSA, offering strong ESG credentials to this vibrant student city.鈥
HEPP were advised by Simmons and Simmons, Watts, Arup and Savills. Watkin Jones were advised by Mishcon de Reya.
