Watkin Jones plc Update on Build to Rent Developments (5001O)
May 18 2018 - 2:00AM
UK Regulatory
TIDMWJG
RNS Number : 5001O
Watkin Jones plc
18 May 2018
For immediate release 18 May 2018
Watkin Jones plc
('Watkin Jones' or the 'Group')
Update on Build to Rent Developments
Watkin Jones plc (AIM:WJG), a leading UK developer and
constructor of multi occupancy property assets, with a focus on the
student accommodation and build to rent sectors, confirms that the
Group has entered into a development arrangement with M&G Real
Estate ('M&G') and Lochailort to deliver a 315 apartment build
to rent scheme in Reading. As part of the arrangement, Watkin Jones
has entered into a development funding agreement with M&G,
under which it will receive GBP68.5 million for the development
works which it is to carry out. Construction is due to commence on
site immediately, with completion targeted for 2021.
Watkin Jones has been appointed as the developer for the
purpose-designed build to rent scheme, which comprises 315 high
specification studio, one, two and three bed apartments. Residents
will benefit from outstanding facilities including a triple height
atrium, cinema room, multiple private dining facilities, tenant
lounges and a selection of rooftop terraces.
The Reading development agreement represents an important
additional opportunity for Watkin Jones' build to rent strategy,
alongside the Group's growing owned site pipeline. As reported in
the Group's trading update on 5 April 2018, the Group is in control
of five build to rent development sites and remains in positive
negotiations on several other development opportunities. The Group
continues to expect to deliver over 1,500 units in the next five
years.
Mark Watkin Jones, Chief Executive of Watkin Jones plc, said:
"We are delighted to have been chosen to work with M&G and
Lochailort to deliver this high specification build to rent scheme
in Reading. It is particularly pleasing that our partners
recognised our development expertise and we see this as a catalyst
to securing more build to rent development opportunities. The
development agreement for the Reading scheme replicates the
delivery elements of our student accommodation model and, alongside
the excellent visibility in our student accommodation development
business, reinforces our confidence in our business model and the
markets in which we operate."
- Ends -
For further information:
Watkin Jones plc
Mark Watkin Jones, Chief Executive Tel: +44 (0) 1248 362 516
Officer
Phil Byrom, Chief Financial Officer www.watkinjonesplc.com
Peel Hunt LLP (Nominated Advisor & Joint Broker) Tel: +44 (0) 20 7418
8900
Mike Bell / Justin Jones www.peelhunt.com
Jefferies Hoare Govett (Joint Broker) Tel: +44 (0) 20 7029
8000
Max Jones / Will Soutar www.jefferies.com
Media enquiries:
Buchanan
Henry Harrison-Topham / Richard Oldworth Tel: +44 (0) 20 7466 5000
Jamie Hooper / Catriona Flint
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 and build to rent 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 more than 34,500 student beds
across 107 sites. In addition, Fresh Property Group, the Group's
specialist accommodation management company, manages more than
16,000 student beds on behalf of its institutional clients. Watkin
Jones has also been responsible for over 50 residential
developments, ranging from starter homes to executive housing and
apartments. The Group is now expanding its development and
management 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFKODQDBKBCPD
(END) Dow Jones Newswires
May 18, 2018 02:00 ET (06:00 GMT)
Watkin Jones (LSE:WJG)
Historical Stock Chart
From Apr 2024 to May 2024
Watkin Jones (LSE:WJG)
Historical Stock Chart
From May 2023 to May 2024