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13/06/2017
Watkin Jones Completes Forward Sale Of Six Developments
Watkin Jones has completed the forward sale of six developments to a joint venture (JV) between Europa Capital and Generation Estates, Europa Generation.
The deal is worth £165 million and contains a development portfolio of 1,691 student accommodation beds and 14 residential units, all of which have planning consent.
Details of the pipeline are as follows;
• Caledon House, Aberdeen - 199 (147 clusters / 52 studios). Completion scheduled for September 2018.
• Bailey Fields, Sheffield - 543 (457 clusters / 69 studios / 17 one beds). Completion scheduled for September 2018.
• Market Street, Newcastle - 225 (177 clusters / 48 studios). Completion scheduled for September 2018.
• Midland Road, Bath - 108 (94 student beds / 14 residential units).Completion scheduled for September 2018.
• Oxford House, Bournemouth - 486 (410 clusters / 76 studios / 32,205sq.ft. of academic space / commercial space / car parking). Completion scheduled for September 2018.
• Between Towns Road, Oxford - 144 (140 clusters / 4 studios / c.869sq.ft. retail unit). Completion scheduled for September 2019.
Mark Watkin Jones, Chief Executive Officer of Watkin Jones, said: "We are delighted to announce that we have successfully completed the sale of a portfolio of six student accommodation developments to Europa Generation for a gross development value of £165 million. The Group has now forward sold all of its developments that are planned for completion by September 2018. In addition, with the Between Towns Road, Oxford development for delivery in 2019, the number of developments forward sold for delivery before September 2019 has moved to 21, which represents 6,794 beds.
"This sale demonstrates that the Group continues to benefit from having very strong and growing relationships with institutional investors, as well as our ability to provide excellent earnings visibility for our shareholders."
(LM/MH)
The deal is worth £165 million and contains a development portfolio of 1,691 student accommodation beds and 14 residential units, all of which have planning consent.
Details of the pipeline are as follows;
• Caledon House, Aberdeen - 199 (147 clusters / 52 studios). Completion scheduled for September 2018.
• Bailey Fields, Sheffield - 543 (457 clusters / 69 studios / 17 one beds). Completion scheduled for September 2018.
• Market Street, Newcastle - 225 (177 clusters / 48 studios). Completion scheduled for September 2018.
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• Midland Road, Bath - 108 (94 student beds / 14 residential units).Completion scheduled for September 2018.
• Oxford House, Bournemouth - 486 (410 clusters / 76 studios / 32,205sq.ft. of academic space / commercial space / car parking). Completion scheduled for September 2018.
• Between Towns Road, Oxford - 144 (140 clusters / 4 studios / c.869sq.ft. retail unit). Completion scheduled for September 2019.
Mark Watkin Jones, Chief Executive Officer of Watkin Jones, said: "We are delighted to announce that we have successfully completed the sale of a portfolio of six student accommodation developments to Europa Generation for a gross development value of £165 million. The Group has now forward sold all of its developments that are planned for completion by September 2018. In addition, with the Between Towns Road, Oxford development for delivery in 2019, the number of developments forward sold for delivery before September 2019 has moved to 21, which represents 6,794 beds.
"This sale demonstrates that the Group continues to benefit from having very strong and growing relationships with institutional investors, as well as our ability to provide excellent earnings visibility for our shareholders."
(LM/MH)
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