Watkin Jones News
Watkin Jones Secures Lease and Forward Funding of New Glasgow Student Residence
Tuesday, August 16th 2011
Watkin Jones Group (WJG) has confirmed the conclusion of both a lease and forward fund transaction on their new 201-bedroom student residence development project in the West End of Glasgow.
The site, located at 200 Old Dumbarton Road, has been bought from student housing development and construction specialist, Watkin Jones Group By Ropemaker Properties Ltd, investing on behalf of BP Pension Fund, on a forward fund development basis.
The new student accommodation will be let on an index linked lease to Kaplan International Colleges, who in partnership with the University of Glasgow, offer preparation programmes for international students wishing to study at the University.
Alex Pease of Watkin Jones comments “We are delighted to have structured agreements with two exceptional partners, we have been working with Kaplan on various projects across the UK trying to support their growing businesses. We look forward to future projects with both tenant and purchaser.”
Richard Hume of Kaplan says….
“This property will allow us to offer our students high-quality, value-for-money accommodation in a prime location – the west end of Glasgow.
Such high-quality, safe and central student accommodation will make Glasgow International College the destination of choice for international students seeking to prepare for degree level studies in Scotland.
Kaplan were advised by Savills Student team.
Ian Lochhead, Director with Drivers Jonas Deloitte acting on behalf of the buyer commented “We are pleased to have negotiated a deal allowing our client to invest in a growing sector of the commercial property market, in what is undoubtedly a prime location. In a period where there is little transactional activity, we are delighted to secure such a quality asset for our client”
