29th Jul 2019 12:04
(Alliance News) - Watkin Jones PLC on Monday said it has agreed the GBP19.6 million forward sale of a 197 bed student property development in Canterbury to Europa Generation Student LP.
The UK housing developer and exchanged contracts with Europa Generation Student for the Canterbury development, which already has planning consent and is due to complete before the 2020 academic year begins.
The company has also obtained planning permission on a site in Leicester, which will have 12 storeys and 462 beds and complete before the 2021 academic year.
Watkin Jones has also completed a development funding agreement for a 245 bed development in Swansea to complete prior to the start of the 2020 academic year and secured a site near Exeter city centre to built a 170 bed student residence before academic year 2022.
Outside of student property, Watkin Jones has secured a built-to-rent site in Brighton & Hove for 186 residential units and around 2,000 square metres of commercial space near Hove railway station, set for delivery in 2022.
"We continue to see positive momentum across all key areas of the business. Our six [purpose-built student accommodation] schemes for delivery in FY 2019 are on track for completion ahead of the 2019/20 academic year and we continue to see an encouraging pipeline of potential future sites across the UK. The final quarter of the financial year is typically a busy period for the group in terms of forward sale activity and we expect that to be the case again this year in respect of both the PBSA and build to rent pipelines," said Watkin Jones Chief Executive Richard Simpson.
"Our expertise in acquiring sites at attractive prices, securing planning consent and then forward selling the schemes to a wide range of investors not only validates our business model but also demonstrates that, even in a more complex market, our strategy remains extremely resilient. The sectors in which we operate are highly attractive to investors and we continue to make solid progress against our internal targets," Simpson added.
Shares in Watkin Jones were up 1.3% at 204.15 pence on Monday.
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