Watkin Jones plc Update on Student Accommodation and Build to Rent (8774Y)

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RNS Number : 8774Y

Watkin Jones plc

28 August 2018

 
For immediate release  28 August 2018 
 

Watkin Jones plc

('Watkin Jones' or the 'Group')

Update on Student Accommodation and 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, announces that is has exchanged contracts to acquire a site in Wembley, London from Kelaty Propco Limited (a joint venture ultimately owned by Singapore incorporated Lum Chang Holdings Limited and Sin Heng Chang Private Ltd) (the 'Vendor'). The site benefits from an existing planning consent for a 599 bed student accommodation scheme, which will be developed by the Group for delivery in time for the 2021/22 academic year.

In addition, as part of the arrangement, the Group has entered into a development agreement with the Vendor to deliver 300 build to rent apartments on an adjoining site, to be completed in March 2021.

The securing of this opportunity in Wembley represents a significant addition to the Group's FY 2021 student accommodation and build to rent delivery pipelines.

- Ends -

For further information:

 
Watkin Jones plc 
Mark Watkin Jones, Chief Executive              Tel: [phone] 
 Officer 
Phil Byrom, Chief Financial Officer                www.watkinjonesplc.com 
 
Peel Hunt LLP (Nominated Advisor & Joint Broker)     Tel: [phone] 
                                                                     8900 
Mike Bell / Justin Jones                                 www.peelhunt.com 
 
Jefferies Hoare Govett (Joint Broker)                Tel: [phone] 
                                                                     8000 
Max Jones / Will Soutar                                 www.jefferies.com 
 
 
 

Media enquiries:

 
Buchanan 
Henry Harrison-Topham / Richard Oldworth   Tel: [phone] 
 Jamie Hooper / Steph Watson / Catriona 
 Flint 
[e-mail]                      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.

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August 28, 2018 02:00 ET (06:00 GMT)