Watkin Jones plc Update on developments completed in 2016 (8585K)
September 27 2016 - 1:00AM
UK Regulatory
TIDMWJG
RNS Number : 8585K
Watkin Jones plc
27 September 2016
For immediate release 27 September 2016
Watkin Jones plc
('Watkin Jones' or the 'Group')
Update on developments completed in 2016
Watkin Jones plc (AIM:WJG), a leading UK developer and
constructor of multi occupancy property assets, with a focus on the
student accommodation sector, is pleased to provide the following
update on the Group's developments that have been completed ahead
of start of the 2016/17 academic year.
In total Watkin Jones has completed ten developments across the
UK with a total of 3,819 student beds. The breakdown of these
completed developments is detailed in the table below:
Development No. of beds
-------------------------- ------------
Heriot-Watt, Edinburgh 450
Dunaskin, Glasgow 504
Old Dumbarton Road 2,
Glasgow 128
Belle Vue, Leeds 324
Bath Lane, Leicester 601
Byrom Street, Liverpool 398
Broad Lane, Sheffield 397
New Bridewell, Bristol 500
Brougham Hayes, Bath 104
John Bell House, Belfast 413
-------------------------- ------------
Total 3,819
-------------------------- ------------
Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc,
said: "At the time of our AIM admission in March this year, we
stated that our pipeline of development projects scheduled for
completion before 31 August 2017 totalled 17. It is therefore
pleasing to be able to update investors today that the Group has
completed and handed over ten developments ahead of the current
academic year and is very much on track to deliver the remaining
seven ahead of the 2017/2018 academic year, in line with our
expectations.
"We continue to add new sites to our strong development
pipeline. Watkin Jones currently has 19 developments with 6,317
beds targeted for delivery during 2017 and 2018. An additional two
sites are being acquired which will add a further 418 beds to 2018.
The pipeline beyond this is looking positive with 2,000 plus beds
across a number of sites having been secured. This pipeline
provides the Group with strong visibility of earnings going forward
and underpins our strategy in the short term."
- Ends -
For further information:
Watkin Jones plc
Mark Watkin Jones, Chief Tel: +44 (0) 1248 362
Executive Officer 516
Phil Byrom, Chief Financial www.watkinjonesplc.com
Officer
Zeus Capital Limited (Nominated Adviser
& Joint Broker)
Corporate Finance
Dan Bate / Nick Cowles / Jamie Peel Tel: +44 (0) 161 831
1512
Corporate Broking Tel: +44 (0) 20 3829
5000
Dominic King / Benjamin Robertson www.zeuscapital.co.uk
Peel Hunt LLP (Joint Broker) Tel: +44 (0) 20 7418
8900
Mike Bell / Matthew Brooke-Hitching www.peelhunt.com
Media enquiries:
Buchanan
Henry Harrison-Topham / Richard Tel: +44 (0) 20 7466 5000
Oldworth / Jamie Hooper
watkinjones@buchanan.uk.com 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 sector. The Group has strong relationships with
institutional investors, and a good reputation for successful,
on-time-delivery of high quality developments. Since 1999, Watkin
Jones has delivered over 31,800 student beds across 98 sites,
making it a key player and leader in the UK purpose built student
accommodation market. In addition, Watkin Jones has been
responsible for over 50 residential developments, ranging from
starter homes to executive housing and apartments.
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. Key components of the business model are:
-- Site identification - extensive experience of site
identification and acquisition facilitates high quality sites being
acquired;
-- Planning consents - in depth knowledge and experience of the
planning consent process specific to this type of asset facilitates
high success rates on planning applications;
-- In-house construction and delivery - in-house construction
expertise, management and delivery limits reliance on third parties
and, together with favourable contractual relationships with key
suppliers, enhances control of cost;
-- Funding structure - forward sale model reduces risk for
Watkin Jones and provides security and visibility of the asset
pipeline for investors. The Group has strong relationships with
blue chip investors, including a number that are repeat investors
in Watkin Jones developments; and
-- Asset management - dedicated property management division
provides a continued service solution to investors post development
completion and completes the 'end to end' business model.
This information is provided by RNS
The company news service from the London Stock Exchange
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