Business
Sale of three non-core PRS operational assets
Sale of three non-core PRS operational assets.
About this update from Watkin Jones Plc
[{"type":"text","content":"\n\n\n\n\n \n\n\n17 August 2023\n\n\n\n \n \nWatkin Jones plc\n('Watkin Jones' or the 'Group')\n \nSale of three non-core Private Rented Sector operational assets\n \nWatkin Jones is pleased to announce that it has concluded the sale of its three non-core Private Rented Sector operational assets, located in Sheffield and Manchester, to L1 Capital.\n \nAfter repayment of the related debt financing and disposal costs, the net cash inflow to the business will be an initial £9 million in Q4 FY23 and a further £2 million deferred payment in H1 FY24. This will augment the Group's FY23 year-end cash position, as well as supporting the business' ability to be proactive in the land market.\n \nThe transaction will crystalise a book loss on disposal, which is fully reflected in the expected impairment charge for FY23, highlighted in the Group's trading update of 19 July 2023.\n \n- Ends -\n \n \nFor further information:\n\n\n\nWatkin Jones plc\n\n\n \n\n\n\n\nAlex Pease, Interim Chief Executive Officer\n\n\nTel: +44 (0) 20 3617 4453\n\n\n\n\nSarah Sergeant, Chief Financial Officer\n\n\nwww.watkinjonesplc.com\n\n\n\n\n\n\n\n\n\n\n\n\n \nPeel Hunt LLP (Nominated Adviser & Joint Corporate Broker)\n\n\n \nTel: +44 (0) 20 7418 8900\n\n\n\n\nMike Bell / Ed Allsopp\n\n\nwww.peelhunt.com\n\n\n\n\n\n\n\n\n\n\n\n\n \nJefferies Hoare Govett (Joint Corporate Broker)\n\n\n \nTel: +44 (0) 20 7029 8000\n\n\n\n\nJames Umbers/David Sheehan / Paul Bundred\n \n\n\nwww.jefferies.com\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nMedia enquiries:\n\n\n\nBuchanan\n\n\n \n\n\n\n\nHenry Harrison-Topham / Jamie Hooper\n\n\nTel: +44 (0) 20 7466 5000\n\n\n\n\[email protected]\n\n\nwww.buchanan.uk.com\n\n\n\n \n\n\n \nNotes to Editors\n \nWatkin Jones is the UK's leading developer and manager of residential for rent, with a focus on the build to rent, student accommodation and affordable housing 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 48,000 student beds across 143 sites, making it a key player and leader in the UK purpose-built student accommodation market, and is increasingly expanding its ope...