18th May 2018 09:08
LONDON (Alliance News) - Construction firm Watkin Jones PLC said Friday it has hired Richard Simpson from Unite Group PLC to succeed Mark Watkin Jones as chief executive officer, while also announcing a new development in Reading.
Simpson will leave his role as group property director at student accommodation management company Unite Group with immediate effect.
The newly appointed chief executive has "significant experience" in the student accommodation market having joined Unite in 2005. Simpson held a number of senior roles and, in 2012, was appointed to the board as an executive director. His most recent role at Unite was as the group's property director, responsible for all aspects of Unite's property portfolio.
He was previously chair of the British Property Federation's cross-sector Student Accommodation Committee from 2013-2015. Simpson also is non-executive director of CityWest Homes, a London based social housing company.
Watkin Jones, which builds student accommodation and other housing projects, has been searching for a new chief executive since it announced Jones stepped down in January for personal reasons. Simpson will join the Watkin Jones board in early 2019.
Unite said it promoted Nick Hayes to group property director following Simpson's departure. Hayes has been with Unite for 11 years and currently serves as company property director. According to Unite, Hayes has been "leading the group's development and property activities for the last two years."
In a separate statement, Watkin Jones said it has entered into a GBP68.5 million agreement with M&G Real Estate and Lochailort to build a 315-apartment build-to-rent scheme in Reading, west of London. Construction will commence immediately with a 2021 target completion date.
Watkin Jones will develop "high specification" studio, one, two and three bed apartments. The company continues to expect to deliver over 1,500 units in the next five years.
Outgoing Chief Executive Mark Watkin Jones said: "I am extremely pleased that I will be handing over my CEO responsibilities to such an experienced and recognised operator in the sector. Richard's knowledge and first-hand experience of the [purpose-built student accommodation] sector is significant for the group. I will do what needs to be done to ensure a smooth handover, and I will work closely with Richard during the transition period. I strongly believe I am handing over stewardship of Watkin Jones to the right candidate as the group enters the next phase of its growth."
New Chief Executive Simpson said: "Watkin Jones has a well earned reputation as one of the UK's leading developers with an unrivalled focused expertise across [private rental sector] from build to rent to student accommodation development and management. I am excited by the prospect of working with the Board, senior management and staff to build on the group's strong foundations and to lead the business in the continued execution of its strategy."
Shares in Watkin Jones were up 1.0% Friday morning to 208.00 pence each. Unite shares were up 0.1% at 846.50p each.
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