Business
Pre-Close Trading Statement
Pre-Close Trading Statement.
About this update from Watkin Jones Plc
[{"type":"text","content":"\n \nRNS Number : 0648V Watkin Jones plc 04 April 2019 \n\n\n\n\n\nFor immediate release\n\n\n4 April 2019\n\n\n\n\n \n \n \nWatkin Jones plc\n('Watkin Jones' or the 'Group')\n \nPre-Close Trading Statement\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, announces its pre-close trading statement for the half year ended 31 March 2019 (the 'period').\n \nThe Board reports that the Group continues to deliver a good trading performance, in line with its expectations.\n \nStudent Accommodation\nThe Group added to its forward sold development pipeline, reflecting continued strong demand from institutional investors. Notable highlights include the previously announced forward sale of a 599 bed student accommodation development in Wembley to the global investor DWS, which is scheduled for delivery ahead of the 2021/22 academic year. The Wembley scheme represents DWS' first student accommodation acquisition in the UK, reflecting confidence in both Watkin Jones and the UK student accommodation market. \n \nThe Group has also exchanged contracts with Brookfield's student accommodation business, Student Roost, for the development of a 245 bed scheme in Swansea, which is scheduled for completion ahead of the 2020/21 academic year. This represents the third phase in the development of a total of 960 student accommodation beds at the Swansea site, following the success of the first two phases already owned by Student Roost. \n \nWatkin Jones currently has a secured development pipeline in excess of 7,500 beds across 17 sites, which are scheduled for delivery over the period FY19 to FY21. Of these, 11 sites (5,334 beds) have been forward sold. All of the six schemes (2,723 beds) under construction for delivery in FY19, ahead of the 2019/20 academic year, are progressing in line with expectations. \n \nBuild to Rent\nInvestor interest in the burgeoning build to rent market continues to gain momentum and the Group is positioning itself to be a leading developer and manager in this sector, leveraging its experience in purpose built student accommodation. \n \nThe Group added significantly to its build to rent development pipeline in the p...