3rd Oct 2019 12:26
(Alliance News) - Watkin Jones PLC on Thursday said it has completed forward funding for a mixed student accommodation and build to rent site in Sheffield and two more build to rent developments elsewhere.
The company, which develops multi-occupancy residential properties, said the Sheffield site has 691 student beds plus 71 build to rent units and is located near the University of Sheffield. The forward funding took place between Watkin Jones and AIG Global Real Estate, with the consideration payable to Watkin Jones totalling around GBP61 million.
Watkin Jones also forward funded two build to rent developments to M&G Real Estate, one in London and one in Bournemouth. The consideration was GBP90 million and they take total transactions with M&G Real Estate to five.
The company additionally sold two student accommodation developments in Chester for GBP30 million in total to Arlington Investors. It has also secured development agreements for two student accommodation sites in Scotland with CA Ventures, with the combined consideration payable for both schemes being about GBP50 million.
Furthermore, Watkin Jones has also forward sold a residential development in Chester to a fund managed by Hearthstone Investment Management for GBP5.2 million.
Watkin Jones Chief Executive Richard Simpson said: "I would like to congratulate the teams involved in concluding these various transactions as planned, underlining the resilience and strength of the group's business model, as well as that of the sectors in which we operate. We highly value our institutional clients and partners and it is pleasing to see a number of our key relationships strengthened further at this time."
Shares in Watkin Jones were down 1.1% at 218.50 pence in London on Thursday at midday.
By Anna Farley; [email protected]
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