Business
Forward sale of six developments for GDV of £165m
Forward sale of six developments for GDV of £165m.
About this update from Watkin Jones Plc
[{"type":"text","content":"\n \nRNS Number : 8731H Watkin Jones plc 13 June 2017 \n\n\n\n\n\nFor immediate release\n\n\n13 June 2017\n\n\n\n\n \n \nWatkin Jones plc\n('Watkin Jones' or the 'Group')\n \nForward sale of portfolio of six developments for a gross development value of £165 million\n \nWatkin 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 £165 million. The consideration payable to Watkin Jones plc over the course of the developments is circa £153 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.\n \nThe 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:\n \n\n\n\n\nDevelopment\n\n\nNo. of beds\n\n\nDelivery date\n\n\n\n\n \nCaledon House, Aberdeen\n\n\n \n199 (147 clusters / 52 studios)\n \n\n\n \nSeptember 2018\n\n\n\n\nBailey Fields, Sheffield\n\n\n543 (457 clusters / 69 studios / 17 one beds)\n \n\n\nSeptember 2018\n\n\n\n\nMarket Street, Newcastle\n\n\n225 (177 clusters / 48 studios)\n \n\n\nSeptember 2018\n\n\n\n\nMidland Road, Bath\n\n\n108 (94 student beds / 14 residential units)\n \n\n\nSeptember 2018\n\n\n\n\nOxford House, Bournemouth\n\n\n486 (410 clusters / 76 studios / 32,205sq.ft. of academic space / commercial space / car parking)\n\n\nSeptember 2018\n\n\n\n\nBetween Towns Road, Oxford\n\n\n144 (140 clusters / 4 studios / c.869sq.ft. retail unit)\n \n\n\nSeptember 2019\n\n\n\n\n \nMark Watkin Jones, Chief Executive Officer of Watkin Jones plc, 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 £165 million. The Group has now forward sold all of its developments that are planned for completion by Se...