Business
Development Update
Development Update.
About this update from Watkin Jones Plc
[{"type":"text","content":"\n \nRNS Number : 9473G Watkin Jones plc 29 July 2019 \n\n 29 July 2019\n \n \nWatkin Jones plc\n('Watkin Jones' or the 'Group')\n \nDevelopment update\n \nWatkin Jones plc (AIM:WJG), a leading UK developer and constructor of multi-occupancy residential property assets, with a focus on the student accommodation and Build to Rent sectors, is pleased to provide the following update on developments in its two core sectors.\n \nStudent Accommodation (PBSA)\nThe Group has exchanged contracts with Europa Generation Student LP for the forward sale of a 197 bed development in Canterbury. The consideration payable to Watkin Jones is £19.6 million, net of client funding costs. The development has planning consent and is scheduled for completion ahead of the 2020/21 academic year. Canterbury is home to three higher education institutions and this development will be Watkin Jones' first development in the city. The scheme is projected to deliver financial returns in line with Group targets and provides further visibility of future earnings. Watkin Jones has previously worked with Europa Generation Student, forward selling a portfolio of six PBSA developments to them in June 2017.\n \nWatkin Jones has secured planning permission on a pipeline PBSA development site in Leicester. The scheme will comprise a twelve storey, 462 bed development made up of 415 clusters beds, 47 studios, amenity space and a commercial unit on the ground floor. The site, which is in close proximity to the City centre and to De Montfort University, is scheduled for completion ahead of the 2021/22 academic year. The Group...