Watkin Jones plc Completion of forward sales of two developments (4787S)
03 October 2017 - 5:00PM
UK Regulatory
TIDMWJG
RNS Number : 4787S
Watkin Jones plc
03 October 2017
For immediate release 3 October 2017
Watkin Jones plc
('Watkin Jones' or the 'Group')
Completion of forward sales of two developments
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 exchanged contracts to forward sell a 618 student bed
development in Pittodrie, Aberdeen to an unnamed institutional
investor. The consideration payable to Watkin Jones over the course
of the development, which is due for completion in the summer of
2019, is circa GBP51.1 million, net of client funding costs.
Following this agreement, Watkin Jones have now forward sold
2,599 of the 3,545 beds planned to be delivered during FY19, ahead
of the 2019/2020 academic year. All schemes planned to be delivered
during FY17 have been successfully handed over and all schemes due
to be delivered during FY18 and ahead of the 2018/19 academic year
have been forward sold.
In addition, the Group is also pleased to announce the forward
sale of the office element of the major project on Christchurch
Road, Bournemouth for GBP15.3 million, net of client funding costs.
This forward sale completes the exit for the Group of the
Christchurch Road development. This included 454 beds of student
accommodation, which were completed and handed over in August 2017,
as well as 129 hotel rooms for Premier Inn that has been forward
sold. Completion of the Premier Inn is targeted for January 2018
and the office building for May 2018.
Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc,
said: "We are delighted to announce that we have successfully
completed the forward sale of a further two developments.
"The demand for high quality purpose built student accommodation
remains strong and the Group continues to secure, forward sell and
develop a diverse pipeline of high quality sites, providing
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 34,500 student beds across 107 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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