Hines Agrees Deal to Acquire Purpose-Built Student Accommodation Development in Bristol
Hines, the US real estate giant, has made a significant investment in the UK with the acquisition of a new purpose-built student accommodation development in Bristol. The 260-bed property on Gas Lane is set to be completed in time for the 2025/26 academic year, offering a mix of en suite bedrooms and self-contained studios along with a landscaped roof terrace.
This acquisition was made on behalf of the Hines European Property Partners Fund (HEPP) from the UK developer Watkin Jones, known for its residential properties for rent. Jorge Duarte, senior managing director and fund manager of HEPP, expressed enthusiasm for this investment, highlighting the growing demand for purpose-built student housing in the UK.
The management of the Gas Lane property will be entrusted to aparto, Hines’ student living platform. This project aligns with Hines’ commitment to sustainable development, aiming for certifications like BREEAM Excellent and WiredScore Silver. The site will feature eco-friendly aspects such as bicycle parking spaces, biodiverse roof areas, and integrated bird and bat boxes.
Alexandra Gumuchian, director at Hines UK, emphasized the transformation of a brownfield site into a vibrant asset for the community. With the UK’s esteemed higher education system in mind, Hines aims to provide top-notch student living spaces that uphold the nation’s global reputation.
George Dyer, group investment director at Watkin Jones, also shared excitement about this collaboration, recognizing Bristol’s status as a premier market for purpose-built student accommodation. The partnership between Hines and Watkin Jones signifies a step towards addressing the ongoing shortage of student housing while promoting environmental sustainability.
HEPP received legal guidance from Simmons and Simmons, Watts, Arup, and Savills, while Watkin Jones was advised by Mishcon de Reya. This deal marks a significant advancement in the student accommodation sector, underlining the commitment of major players like Hines and Watkin Jones to meet the evolving needs of students in the UK.
