Watkin Jones plc sells 6 developments for £165million

Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc LON:WJG 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.”

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) 

 

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