Cushman & Wakefield Advises on $77M Purchase of Student Accommodation Asset in Bristol

BRISTOL, England--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK) advised on the forward purchase of a purpose-built student accommodation (PBSA) asset in the city center of Bristol, England.

F3GROUP has agreed the sale to one of DWS’ German real estate funds. The purchase price is approximately $77 million (£57 million) and construction will complete ahead of the 2021-2022 academic year. The building is leased to the University of Bristol on a long-term basis.

Located in the Redcliffe area of Bristol city center, the asset is designed by award-winning architects GSS and, once complete, will provide state-of-the-art PBSA with 357 student beds in total. Total floor space is more than 92,000 square feet and amenities include a gym, study space, bike parking, cinema room and communal lounge.

“F3 has an outstanding reputation built over the past 30 years for managing and developing high quality assets across multiple sectors. This strategic exit demonstrates that even in tough economic conditions there is still strong demand from market leading investors for long term income assets,” said Gavin Gleave, Chief Executive Officer at F3GROUP.

"We are extremely pleased with this investment into a thriving city and one of the UK’s best student markets and we are looking forward to working together over the coming months to bring this development to fruition," said Mike Hill, Head of Real Estate Transactions, UK and Ireland, at DWS.

“We are delighted to have acted on behalf of DWS in the forward purchase of this prime PBSA asset. This aligns with the University of Bristol’s business plan to develop high-caliber courses around the major growth sectors of the global economy. This, together with the challenges to develop new PBSA within central Bristol and a 15-year RPI index linked lease to the University, makes for a compelling investment acquisition,” commented Nick Allan, International Partner Capital Markets, Cushman & Wakefield.

On completion, the property will be connected to the Bristol City’s District Heat Network as part of the overall sustainability strategy, aiming for a BREEAM Excellent rating for the building.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.