Watkin Jones plc Forward sale of six developments for GDV of £165m (8731H)
June 13 2017 - 2:00AM
UK Regulatory
TIDMWJG
RNS Number : 8731H
Watkin Jones plc
13 June 2017
For immediate release 13 June 2017
Watkin Jones plc
('Watkin Jones' or the 'Group')
Forward sale of portfolio of six developments for a gross
development value of GBP165 million
Watkin Jones plc (AIM:WJG), a leading UK developer and
constructor of multi occupancy property assets, with a focus on the
student accommodation sector, is pleased to announce that the Group
has completed the forward sale of a portfolio of six developments
(the 'portfolio') to an institutional investor, Europa Generation,
for a gross development value of GBP165 million. The consideration
payable to Watkin Jones plc over the course of the developments is
circa GBP153 million, net of client funding costs. Europa
Generation is a joint venture by Europa Capital and Generation
Estates Limited established to invest in prime purpose built
student accommodation in the UK.
The portfolio consists of 1,691 student accommodation beds and
14 residential units, which all have planning consent granted.
Further information on the six developments is detailed in the
table below:
Development No. of beds Delivery
date
----------------- --------------------------- ------------
Caledon House, 199 (147 clusters / September
Aberdeen 52 studios) 2018
Bailey Fields, 543 (457 clusters / September
Sheffield 69 studios / 17 one 2018
beds)
Market Street, 225 (177 clusters / September
Newcastle 48 studios) 2018
Midland Road, 108 (94 student beds September
Bath / 14 residential units) 2018
Oxford House, 486 (410 clusters / September
Bournemouth 76 studios / 32,205sq.ft. 2018
of academic space /
commercial space /
car parking)
Between Towns 144 (140 clusters / September
Road, Oxford 4 studios / c.869sq.ft. 2019
retail unit)
Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc,
said: "We are delighted to announce that we have successfully
completed the sale of a portfolio of six student accommodation
developments to Europa Generation for a gross development value of
GBP165 million. The Group has now forward sold all of its
developments that are planned for completion by September 2018. In
addition, with the Between Towns Road, Oxford development for
delivery in 2019, the number of developments forward sold for
delivery before September 2019 has moved to 21, which represents
6,794 beds.
"This sale demonstrates that the Group continues to benefit from
having very strong and growing relationships with institutional
investors, as well as our ability to provide excellent earnings
visibility for our shareholders."
- Ends -
For further information:
Watkin Jones plc
Mark Watkin Jones, Chief Tel: +44 (0) 1248 362
Executive Officer 516
Phil Byrom, Chief Financial www.watkinjonesplc.com
Officer
Peel Hunt LLP (Nominated Adviser & Joint Corporate Tel: +44 (0) 20
Broker) 7418 8900
Mike Bell / Justin Jones / Matthew Brooke-Hitching www.peelhunt.com
Jefferies Hoare Govett (Joint Corporate Broker) Tel: +44 (0) 20
7029 8000
Max Jones / Will Souter www.jefferies.com
Media enquiries:
Buchanan
Henry Harrison-Topham / Richard Tel: +44 (0) 20 7466 5000
Oldworth
Jamie Hooper / Steph Watson
watkinjones@buchanan.uk.com www.buchanan.uk.com
Notes to Editors
Watkin Jones is a leading UK developer and constructor of multi
occupancy property assets, with a focus on the student
accommodation sector. The Group has strong relationships with
institutional investors, and a good reputation for successful,
on-time-delivery of high quality developments. Since 1999, Watkin
Jones has delivered over 31,800 student beds across 98 sites,
making it a key player and leader in the UK purpose built student
accommodation market. In addition, Watkin Jones has been
responsible for over 50 residential developments, ranging from
starter homes to executive housing and apartments.
The Group's competitive advantage lies in its experienced
management team and business model, which enables it to offer an
end-to-end solution for investors, delivered entirely in-house with
minimal reliance on third parties, across the entire life cycle of
an asset.
Watkin Jones was admitted to trading on AIM in March 2016 with
the ticker WJG.L. For additional information please visit:
www.watkinjonesplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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