Update on Student Accommodation Developments

RNS Number : 3575I

Watkin Jones plc

21 March 2018

 

For immediate release

21 March 2018

Watkin Jones plc

('Watkin Jones' or the 'Group')

Update on Student Accommodation Developments

Watkin Jones plc (AIM:WJG), a leading UK developer and constructor of multi occupancy property assets, with a focus on the student accommodation and build to rent sectors, confirms that the Group has achieved planning consent on Whitefriars Lane in Coventry for 778 student beds which will be delivered ahead of the start of the 2020/21 academic year.

In addition, the Group has secured, subject to satisfactory planning, a further site in Sheffield which is targeted to deliver in excess of 700 student beds ahead of the start of the 2021/22 academic year.  The growing momentum within the Group's student accommodation development business has led to the student accommodation development pipeline exceeding 9,800 beds with over 8,300 beds having received planning consent.  

All the developments due for delivery ahead of the 2018/19 academic year have been forward sold.  Five of the seven schemes scheduled to be delivered ahead of the 2019/20 academic year have been forward sold, with the remainder now having received planning consent.  Five developments, totalling 2,167 beds, scheduled to be delivered ahead of the 2020/21 academic year, have also now received planning consent.

Mark Watkin Jones, Chief Executive of Watkin Jones plc, said: "The excellent visibility in our student accommodation development business continues with this successful planning consent and further site acquisition. The demand for student accommodation remains high and this, coupled with the growing momentum in our build to rent development business, reinforces our confidence in our business model and the markets in which we operate."

The Group with be issuing its Pre-Close Trading Update for the half year ended 31 March 2018 on Thursday, 5 April 2018.

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For further information:

Watkin Jones plc
Mark Watkin Jones, Chief Executive Officer	Tel: [phone]
Phil Byrom, Chief Financial Officer	www.watkinjonesplc.com
Peel Hunt LLP (Nominated Advisor & Joint Broker)		Tel: [phone]
Mike Bell / Justin Jones		www.peelhunt.com
Jefferies Hoare Govett (Joint Broker)		Tel: [phone]
Max Jones / Will Soutar		www.jefferies.com

Media enquiries:

Buchanan
Henry Harrison-Topham / Richard Oldworth Jamie Hooper / Steph Watson	Tel: [phone]
[e-mail]	www.buchanan.uk.com

Notes to Editors

Watkin Jones is a leading UK developer and constructor of multi occupancy property assets, with a focus on the student accommodation and build to rent 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 more than 34,500 student beds across 107 sites.  In addition, Fresh Property Group, the Group's specialist accommodation management company, manages more than 16,000 student beds on behalf of its institutional clients.  Watkin Jones has also been responsible for over 50 residential developments, ranging from starter homes to executive housing and apartments.  The Group is now expanding its development and management operations into the build to rent sector.

The Group's competitive advantage lies in its experienced management team and business model, which enables it to offer an end-to-end solution for investors, delivered entirely in-house with minimal reliance on third parties, across the entire life cycle of an asset.

Watkin Jones was admitted to trading on AIM in March 2016 with the ticker WJG.L.  For additional information please visit: www.watkinjonesplc.com

 

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