TIDMWJG
RNS Number : 7576K
Watkin Jones plc
06 September 2021
For immediate release 6 September 2021
Watkin Jones plc
('WJ' or the 'Group')
Market Update
Strong momentum continuing in H2; development pipeline
enhanced
Watkin Jones plc (AIM:WJG), the UK's leading developer and
manager of residential for rent homes, provides the following
update on developments since the Group issued its half-year results
on 18 May 2021 (the 'period').
Continued delivery of developments on time despite COVID-19
In the period, WJ has completed and handed over:
-- 857 BtR apartments (four developments in Reading, Stratford, Sutton and Wembley).
-- 2,071 PBSA beds (five developments in Bristol, Cranfield,
Edinburgh, Leicester and Sheffield).
All remaining FY21 developments (one BtR scheme for 184
apartments in Leicester and two PBSA schemes for 1,121 beds in
Glasgow and Wembley) on track for completion in September.
Institutional demand across asset classes driving forward
sales
In the period, WJ has forward sold:
-- 184 BtR apartments in Leicester to Catella APAM for GBP31.7
million, payable on completion of the development in FY21.
-- 216 BtR apartments in Hove to L&G Investment Management
for GBP76.5 million, payable on a forward fund basis over the
development period FY21 to FY23.
-- 133 co-living studio apartments in Exeter to Ropemaker
Properties, WJ's first fully co-living scheme, for c.GBP16.9
million, payable on a forward fund basis over the development
period FY21 to FY22.
-- 159 affordable homes in Crewe to Plus Dane, WJ's first
affordable homes scheme, for GBP22.8 million, subject to variation
of planning conditions, payable over the development period FY22 to
FY25. The remainder of the 245 home site is for open market
sale.
-- 23 affordable homes in Llay to Adra for GBP3.5 million. The
remainder of the 51 home site is for open market sale.
Achieving planning consents across the portfolio
In the period, WJ has obtained planning for:
-- 551 apartment BtR scheme in the centre of Birmingham.
-- 370 bed PBSA scheme in Swansea.
-- 315 apartment BtR and 335 bed PBSA mixed use scheme in Bath.
Adding to the secured development pipeline
In the period, WJ has secured:
-- Site in central Nottingham and planning submitted for a 354 bed PBSA scheme.
-- Site in South London with the potential for c.750 PBSA beds, subject to planning.
-- Site in East London with the potential for c.390 PBSA beds, subject to planning.
Secured development pipeline, excluding FY21 completions, now
comprises c.3,870 BtR apartments and 6,750 PBSA beds, with a total
estimated future development value of c.GBP1.7 billion.
Accommodation Management (Fresh) continuing to expand
Agreed to take over management of the Oldway Centre, a 556 bed
PBSA property in Swansea, for Midos Group.
Fresh is currently contracted to manage c.22,000 student beds
and BtR apartments.
Richard Simpson, Chief Executive Officer of Watkin Jones, said:
"Since our interim results we have continued to make good progress
across the business. Our delivery teams have performed strongly,
with the majority of our developments for delivery in the current
financial year already completed. We have been active in acquiring
high quality sites, securing planning and also forward selling to a
broadening range of institutional investors, enhancing our
development pipeline."
- Ends -
For further information:
Watkin Jones plc
Richard Simpson, Chief Executive Officer Tel: +44 (0) 20 3617 4453
Phil Byrom, 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
Max Jones / Will Soutar www.jefferies.com
Media enquiries:
Buchanan
Henry Harrison-Topham / Richard Oldworth
Jamie Hooper / Steph Whitmore 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 and student
accommodation 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 45,000 student beds across 135 sites, making it
a key player and leader in the UK purpose-built student
accommodation market. 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 is increasingly expanding its
operations into the build to rent sector.
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
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