Watkin Jones plc Forward Sale of St. Mungo Avenue, Glasgow (5671L)
04 Oktober 2016 - 8:00AM
UK Regulatory
TIDMWJG
RNS Number : 5671L
Watkin Jones plc
04 October 2016
For immediate release 4 October 2016
Watkin Jones plc
('Watkin Jones' or the 'Group')
Forward Sale of St. Mungo Avenue, Glasgow
Watkin Jones plc (AIM:WJG), a leading UK developer and
constructor of multi occupancy property assets, with a focus on the
student accommodation sector, announces today that it has forward
sold its development in St. Mungo Avenue, Glasgow to a new
institutional investor for an undisclosed fee.
The St. Mungo Avenue development is a 1.07 acre site which
occupies a prominent position at the corner of St. Mungo Avenue and
St. James Road to the east of Glasgow City centre and in close
proximity to the University of Strathclyde, Glasgow Caledonian
University and the City of Glasgow College. The seven storey 349
bed scheme (176 cluster bedrooms and 173 studios) is due for
delivery in August 2018, ahead of the 2018-19 academic year.
Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc,
said: "We are delighted to announce today that we have forward sold
to a new institutional investor our St. Mungo's scheme in Glasgow.
With three main universities in Glasgow servicing more than 65,000
higher education students there is significant demand for
accommodation within the City. The demand for purpose built student
accommodation is higher than levels seen at comparable UK
university cities, and we are delighted to be developing in
Glasgow.
"The scheme will be developed to a high specification including
excellent shared space and amenities including a cinema room, two
common room areas, gym and roof terrace. Glasgow ranks amongst the
top ten UK university towns and on completion of St. Mungo Avenue,
Watkin Jones will have delivered over 3,000 beds across six schemes
in Glasgow since 2011."
- 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
END
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