Business
Successful £155m forward sale with L&G and Clanmil
Successful £155m forward sale with L&G and Clanmil.
About this update from Watkin Jones Plc
[{"type":"text","content":"\n\n\n\n\n \n\n\n5 June 2023\n\n\n\n \n \nWatkin Jones plc\n('Watkin Jones' or the 'Group')\n \nForward sale of Loft Lines, Titanic Quarter to L&G and Clanmil\n \nWatkin Jones is pleased to announce the forward sale of Loft Lines, at Titanic Quarter in Belfast, to L&G and Clanmil Housing Association ('Clanmil'). The development funding comprises 627 Built to Rent ('BTR') units and 81 social rent affordable homes.\n \nThis project will be the first BTR scheme in Belfast, part of one of the largest waterfront regeneration sites in Europe. Loft Lines will be a brand-new urban riverside community built on Queen's Island, in the centre of Titanic Quarter, Belfast. The development will help to further catalyse the regeneration of Queens Island, alongside helping to transform Belfast city centre living, bringing attractive residential homes to the area for the first time and a significant boost to the local economy.\n \nThe total consideration payable to the Group over the course of the development will be approximately £155 million. The scheme is scheduled for delivery in summer 2026 and is expected to deliver a margin in line with current target returns. Construction work on the development will not start meaningfully until FY24 and therefore the profit contribution to FY23 will be restricted to a small profit on the land transaction, as expected.\n \nRichard Simpson, Chief Executive Officer of Watkin Jones, said: \"We are delighted to have secured institutional investment from both L&G and Clanmil Housing Association for this landmark scheme in Belfast's iconic Titanic Quarter. This is further evidence of the attractive investment and operational fundamentals of both BTR as a sector and Belfast as a city and a good sign of capital markets re-opening.\"\n \n- Ends -\n \nThis announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (\"UK MAR\")\n \nFor further information:\n\n\n\nWatkin Jones plc\n\n\n \n\n\n\n\nRichard Simpson, 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...