TIDMWJG
RNS Number : 3762S
Watkin Jones plc
11 March 2019
For immediate release 11 March 2019
Watkin Jones plc
('Watkin Jones' or the 'Group')
Forward sale of 599 bed PBSA scheme in Wembley
Watkin Jones plc (AIM:WJG), a leading UK developer and
constructor of multi-occupancy residential property assets, with a
focus on the student accommodation and build to rent sectors,
announces that the Group has completed the forward sale of a
purpose-built student accommodation ('PBSA') development in Wembley
to the real estate investment business of DWS.
The consideration payable to Watkin Jones over the course of the
development will be approximately GBP90 million, net of all client
funding and acquisition costs. The scheme is expected to deliver a
margin in line with target returns and is scheduled for delivery in
time for the start of the 2021/22 academic year. The completed
scheme will be managed by Fresh Student Living, the Group's PBSA
asset manager.
The Wembley PBSA scheme has a planning consent for 599 high
quality purpose designed student beds with associated amenity and
management space. It also includes a retail offering and
substantial landscaped external communal area.
The PBSA scheme forms part of a wider mixed-use site, which also
includes the previously announced 300 build to rent apartments and
associated underground car park which the Group is contracted to
develop for Kelaty Propco Limited (a joint venture ultimately owned
by Singaporean incorporated Lum Chang Holdings Limited and Sin Heng
Chan (1960) Private Limited). The development site forms part of
the continued Wembley regeneration story and showcases Watkin
Jones' expertise in assembling, structuring, constructing, funding
and operating complex and high profile urban centre projects.
Richard Simpson, Chief Executive Officer of Watkin Jones, said:
"We are delighted to partner with DWS in the forward sale of our
Wembley PBSA scheme. The Wembley regeneration story is remarkable
and it is firmly established as a destination of choice by students
for their accommodation. It is significant that a global
institution has invested in their first student accommodation
scheme in the UK by partnering with Watkin Jones for both the
development and then the management of the asset. Our track record
in developing into the robust UK PBSA sector is well proven as this
transaction highlights. We look forward to deepening our
development pipeline and leveraging our expertise further."
Mike Hill, Head of Real Estate Transactions, UK & Ireland
for DWS, said: "The purchase of Kelaty House is DWS's first UK PBSA
acquisition and as such represents a significant step forward in
our strategy to invest into the 'beds' sector in the UK &
Ireland.
Kelaty House is an ideal first acquisition for DWS. It offers
scale and is located in the regeneration area of Wembley, which is
fast becoming a vibrant hub for students and will benefit from the
strength of London's student housing market."
- Ends -
For further information:
Watkin Jones plc
Richard Simpson, Chief Executive Tel: +44 (0) 1248 362 516
Officer
Phil Byrom, Chief Financial Officer www.watkinjonesplc.com
Peel Hunt LLP (Nominated Adviser & Joint Corporate Tel: +44 (0) 20 7418
Broker) 8900
Mike Bell / Justin Jones www.peelhunt.com
Jefferies Hoare Govett (Joint Corporate Broker) Tel: +44 (0) 20 7029
8000
Max Jones / Will Soutar www.jefferies.com
Media enquiries:
Buchanan
Henry Harrison-Topham / Richard Oldworth Tel: +44 (0) 20 7466 5000
Jamie Hooper / Steph Watson
watkinjones@buchanan.uk.com www.buchanan.uk.com
Notes to Editors
Watkin Jones plc
Watkin Jones is a leading UK developer and constructor of
multi-occupancy residential property assets, with a focus on the
student accommodation and build to rent sectors. 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 38,000 student
beds across 117 sites, making it a key player and leader in the UK
purpose built student accommodation market. In addition, the Fresh
Property Group, the Group's specialist accommodation management
company, manages over 15,000 student beds and build to rent
apartments on behalf of its institutional clients. Watkin Jones has
also been responsible for over 80 residential developments, ranging
from starter homes to executive housing and apartments. The Group
is now expanding its operations into the build to rent sector.
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.
Watkin Jones was admitted to trading on AIM in March 2016 with
the ticker WJG.L. For additional information please visit:
www.watkinjonesplc.com
DWS - Real Estate
DWS's real estate investment business has been investing in real
estate assets for more than 45 years. As part of the Alternatives
platform, the real estate business has more than 450 employees
around the world and EUR54.5 billion in assets under management as
of 31 December 2018 and offers a diverse range of strategies and
solutions across the risk/return and geographic spectrums,
including core and value-added real estate, real estate securities,
real estate debt and opportunistic real estate. The real estate
investment business employs a disciplined investment approach and
aims to deliver attractive long-term risk adjusted returns,
preservation of capital and diversification to its investors, which
include governments, corporations, insurance companies, endowments,
retirement plans, and private clients worldwide.
DWS Group
DWS Group (DWS) is one of the world's leading asset managers
with EUR662bn of assets under management (as of 31 December 2018).
Building on more than 60 years of experience and a reputation for
excellence in Germany and across Europe, DWS has come to be
recognised by clients globally as a trusted source for integrated
investment solutions, stability and innovation across a full
spectrum of investment disciplines.
We offer individuals and institutions access to our strong
investment capabilities across all major asset classes and
solutions aligned to growth trends. Our diverse expertise in
Active, Passive and Alternatives asset management, as well as our
deep environmental, social and governance focus, complement each
other when creating targeted solutions for our clients. Our
expertise and on-the-ground-knowledge of our economists, research
analysts and investment professionals are brought together in one
consistent global CIO View, which guides our strategic investment
approach.
DWS wants to innovate and shape the future of investing: with
approximately 3,600 employees in offices all over the world, we are
local while being one global team.
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END
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