4th Apr 2019 11:45
LONDON (Alliance News) - Watkin Jones PLC on Thursday said it continued to deliver a "good trading performance", in line with the company's expectations.
The developer of residential property assets said that, in the half ended march 31, it continued to add to its forward-sold development pipeline, within the student accommodation sector.
The company said it exchanged contracts with asset manager Brookfield's student accommodation business, Student Roost, for the development of a 245 bed scheme in Swansea, which is scheduled for completion ahead of the 2021 academic year.
"This represents the third phase in the development of a total of 960 student accommodation beds at the Swansea site, following the success of the first two phases already owned by Student Roost," the firm added.
Furthermore, Watkin Jones has a secured development pipeline "in excess of" 7,500 beds across 17 sites, all scheduled for delivery between financial 2019 and 2021.
In the Build to Rent sector, the company said it "added significantly" to its development pipeline, after buying a site for 336 apartments in Woking.
Fresh Property Group, the company's specialist accommodation management business, continues to "perform well", Watkin Jones said. It currently has 15,421 units under management across 56 schemes.
Watkin Jones shares were trading down 0.5% at 221.00 pence each.
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