KKR and Round Hill Capital Joint Venture Acquires Four Student Housing Developments in the UK
KKR, a leading global investment firm, and Round Hill Capital (“Round Hill”), a leading real estate investment, development and asset management firm, announce that their joint venture (the “JV”) is forward funding the development of four purpose-built student accommodation (“PBSA”) schemes across the UK. As part of the transaction, the JV has also exchanged an option agreement to forward-fund a 348 bed PBSA scheme in Bristol conditional on full planning consent.
The four PBSA development schemes are being acquired from and built by Watkin Jones plc (AIM: WJG) and will provide much-needed accommodation for students by delivering a combined total of 1,815 beds.
This is KKR and Round Hill’s first student housing transaction through their joint venture in the UK. This follows the JV’s acquisition in July 2018 of a significant housing development in Utrecht comprising 577 student beds and 173 residential apartments and in September 2018 of a 698 bed PBSA development site in Groningen, both in the Netherlands. KKR and Round Hill continue to look to make further investments in student accommodation through multiple strategies including acquiring existing assets, developing new PBSA, forward-funding and repositioning assets across select university towns and cities in the UK, Spain, Netherlands, and wider Europe …