Watkin Jones plc Successful GBP155m forward sale with L&G and Clanmil (5730B)
June 05 2023 - 2:00AM
UK Regulatory
TIDMWJG
RNS Number : 5730B
Watkin Jones plc
05 June 2023
5 June 2023
Watkin Jones plc
('Watkin Jones' or the 'Group')
Forward sale of Loft Lines, Titanic Quarter to L&G and
Clanmil
Watkin Jones is pleased to announce the forward sale of Loft
Lines, at Titanic Quarter in Belfast, to L&G and Clanmil
Housing Association ('Clanmil'). The development funding comprises
627 Built to Rent ('BTR') units and 81 social rent affordable
homes.
This project will be the first BTR scheme in Belfast, part of
one of the largest waterfront regeneration sites in Europe. Loft
Lines will be a brand-new urban riverside community built on
Queen's Island, in the centre of Titanic Quarter, Belfast. The
development will help to further catalyse the regeneration of
Queens Island, alongside helping to transform Belfast city centre
living, bringing attractive residential homes to the area for the
first time and a significant boost to the local economy.
The total consideration payable to the Group over the course of
the development will be approximately GBP155 million. The scheme is
scheduled for delivery in summer 2026 and is expected to deliver a
margin in line with current target returns. Construction work on
the development will not start meaningfully until FY24 and
therefore the profit contribution to FY23 will be restricted to a
small profit on the land transaction, as expected.
Richard Simpson, Chief Executive Officer of Watkin Jones, said:
" We are delighted to have secured institutional investment from
both L&G and Clanmil Housing Association for this landmark
scheme in Belfast's iconic Titanic Quarter. This is further
evidence of the attractive investment and operational fundamentals
of both BTR as a sector and Belfast as a city and a good sign of
capital markets re-opening."
- Ends -
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014 as it
forms part of UK Domestic Law by virtue of the European Union
(Withdrawal) Act 2018 ("UK MAR")
For further information:
Watkin Jones plc
Richard Simpson, Chief Executive Officer Tel: +44 (0) 20 3617 4453
Sarah Sergeant, Chief Financial Officer www.watkinjonesplc.com
Peel Hunt LLP (Nominated Adviser & Joint Corporate Broker) Tel: +44 (0) 20 7418 8900
Mike Bell / Ed Allsopp www.peelhunt.com
Jefferies Hoare Govett (Joint Corporate Broker) Tel: +44 (0) 20 7029 8000
James Umbers/David Sheehan / Paul Bundred www.jefferies.com
Media enquiries:
Buchanan
Henry Harrison-Topham / Jamie Hooper Tel: +44 (0) 20 7466 5000
watkinjones@buchanan.uk.com www.buchanan.uk.com
Notes to Editors
Watkin Jones is the UK's leading developer and manager of
residential for rent, with a focus on the build to rent, student
accommodation and affordable housing sectors. The Group has strong
relationships with institutional investors, and a reputation for
successful, on-time-delivery of high quality developments. Since
1999, Watkin Jones has delivered 48,000 student beds across 143
sites, making it a key player and leader in the UK purpose-built
student accommodation market, and is increasingly expanding its
operations into the build to rent sector. In addition, Fresh, the
Group's specialist accommodation management business, manages over
22,000 student beds and build to rent apartments on behalf of its
institutional clients. Watkin Jones has also been responsible for
over 80 residential developments, ranging from starter homes to
executive housing and apartments.
The Group's competitive advantage lies in its experienced
management team and capital-light 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
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END
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