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)
