Hines has acquired a new 260-bed purpose-built student accommodation (PBSA) development at Gas Lane in Bristol from Watkin Jones for an undisclosed price.
The scheme, which is being built on a brownfield site, will deliver 219 ensuite cluster bedrooms and 41 self-contained studios along with best-in-class amenities, including a landscaped roof terrace.
Hines acquired the development on behalf of the Hines European Property Partners Fund (HEPP) and the scheme is expected to be ready for the start of the 2025/26 academic year. On completion, Gas Lane will be managed by aparto, Hines’ student living platform.
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’re delighted to have secured another asset in a prime location. The number of students going into education has grown exponentially and the undersupply of purpose-built student housing in the UK is well documented. Schemes like this one provide the opportunity to play our part in building the PBSA that the UK desperately needs, while seeking to deliver real value to our investors.”
Alexandra Gumuchian, director at Hines UK, added: “This acquisition gives us the opportunity to transform a dormant brownfield site into a well-connected, highly amenitised asset to the community. The UK’s higher education system is the envy of the world and we are proud to have Hines UK play our part in creating another student living space that lives up to that global reputation.”
George Dyer, group investment director at Watkin Jones, said: “We are delighted to be working with Hines on this exciting opportunity. Bristol continues to be one of the UK’s leading PBSA 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’m pleased that Watkin Jones is bringing forward much needed modern PBSA, offering strong ESG credentials to this vibrant student city.”
HEPP was advised by Simmons and Simmons, Watts, Arup and Savills. Watkin Jones was advised by Mishcon de Reya.
