Source - RNS
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 £165 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 £165 million.  The consideration payable to Watkin Jones plc over the course of the developments is circa £153 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, Aberdeen

 

199 (147 clusters / 52 studios)

 

 

September 2018

Bailey Fields, Sheffield

543 (457 clusters / 69 studios / 17 one beds)

 

September 2018

Market Street, Newcastle

225 (177 clusters / 48 studios)

 

September 2018

Midland Road, Bath

108 (94 student beds / 14 residential units)

 

September 2018

Oxford House, Bournemouth

486 (410 clusters / 76 studios / 32,205sq.ft. of academic space / commercial space / car parking)

September 2018

Between Towns Road, Oxford

144 (140 clusters / 4 studios / c.869sq.ft. retail unit)

 

September 2019

 

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 £165 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 Executive Officer

Tel: +44 (0) 1248 362 516                   

Phil Byrom, Chief Financial Officer

www.watkinjonesplc.com             

 

 

Peel Hunt LLP (Nominated Adviser & Joint Corporate Broker)

   Tel: +44 (0) 20 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 Oldworth

Jamie Hooper / Steph Watson

 

      Tel: +44 (0) 20 7466 5000  

[email protected]

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
 
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