Europa Generation fund first portfolio acquisition

The portfolio which was sourced by Generation on behalf of the fund consists of 1,691 student accommodation beds and 14 residential units, all of which have planning consent . 

The portfolio comprises

  • Caledon House, Aberdeen – 199 beds
  • Balley Fields, Sheffield – 543 beds
  • Market Street, Newcastle – 225 beds
  • Midland Road, Bath – 108 beds
  • Oxford House, Bournemouth – 486 beds
  • Between Towns Road, Oxford – 144 beds

Each scheme will be developed and built by Watkins Jones whilst Generation Estates will have input into the detailed design of each project. All of the assets will open in time for the 2018/19 academic year, save for Oxford which will open the following year.

Mark Watkin Jones, chief executive of Watkin Jones, said: “We are delighted to announce that we have successfully completed the sale of a portfolio of six student accommodation developments to Europa Generation for a gross development value of £165m.  The group has now forward sold all of its developments that are planned for completion by September 2018. 

Alan Artus, Director of Generation Estates said: ” We are pleased to have originated this significant transaction to seed the Europa Generation student accommodation fund.”

Europa Capital and Generation Estates launch new UK Student Accommodation Vehicle

Europa Capital (“Europa”) and Generation Estates Limited (“Generation”) are pleased to announce the launch of Europa Generation, a new joint venture created to manage a new UK student accommodation vehicle.

Europa Generation will invest in prime purpose built student accommodation (“PBSA”) throughout the UK. The acquisition strategy is focused on investment opportunities where Europa Generation identifies potential for long term sustainable income growth. The vehicle will acquire well located assets, through forward-funding of new developments, direct development and selective investment acquisitions.

Europa Generation has used Europa’s balance sheet to acquire an initial £165m seed portfolio, comprising 1,705 beds in six schemes currently being developed by Watkin Jones Group, a leading developer of purpose built student accommodation in the UK. The assets are situated in Oxford, Bath, Newcastle, Sheffield, Aberdeen and Bournemouth. The schemes in Bath, Newcastle, Sheffield, Aberdeen and Bournemouth are due for delivery in time for the 2018-19 academic year while the Oxford scheme will welcome students for the 2019-2020 academic year. Europa Generation intends to build a portfolio of around 5,000 beds over the next few years.

Hugo Black, Partner at Europa Capital said:
“Europa Generation is being launched to capitalise on the continuing shortfall of high quality purpose built student accommodation in top tier university towns and cities across the UK. We are very excited to have established a joint venture with Generation Estates who have an unrivalled track record in this flourishing sector. Europa Generation will provide investors with access to individuals with a first class track record in the investment, development and operational management of PBSA assets across the UK.”

Alan Artus of Generation Estates added:

“We are delighted to have formed this partnership with Europa Capital to create a vehicle that will quickly become a leading investor in the PBSA sector in the UK. Our specialist skills and capability combined with Europa Capital’s undoubted expertise in fund management will provide investors with the opportunity to gain access to the robust long term returns available in the sector.”

Generation Estates enters Dublin student housing market

Generation Estates is working with Hattington Student Housing Ltd providing purpose built student housing expertise and development management services to two exciting projects in Dublin after co-investing in  two existing schemes at 30- 36 Thomas Street, Dublin 8 and 43-53 Montpellier Hill, Dublin 7.

At Thomas Street, the joint venture partners have obtained planning consent for a 257 bed project and works on site have commenced enabling the residence to open for the 2018/19 academic year. In Montpellier Hill, the parties have submitted a planning application for a 319 bed facility which is arranged in three separate blocks. Both projects include extensive amenity areas including gym, common room, study space, film screening room, laundry, reception area as well as staff facilities and a management suite.