Watkin Jones PLC on Thursday announced the forward sale of a purpose built student accommodation development in Bristol.

The London-based student accommodation developer and manager said the sale of the 260 bed development to Hines on behalf of Hines European Property Partners Fund will generate day one cash receipts of around £11 million, net of repayment of the associated debt of around £5 million.

Chief Executive Officer Alex Pease said: ‘This transaction gives us confidence that sentiment in the institutional market continues to recover. As the market shows further signs of improvement, we are well-positioned to capitalize on this given our position in PBSA and Build to Rent, two of the most attractive asset classes in real estate.’

Watkin shares rose 3.4% to 47.00 pence each on Thursday afternoon in London.

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