Watkin Jones plc Sale of three non-core PRS operational assets (5459J)
17 August 2023 - 8:00AM
UK Regulatory
TIDMWJG
RNS Number : 5459J
Watkin Jones plc
17 August 2023
17 August 2023
Watkin Jones plc
('Watkin Jones' or the 'Group')
Sale of three non-core Private Rented Sector operational
assets
Watkin Jones is pleased to announce that it has concluded the
sale of its three non-core Private Rented Sector operational
assets, located in Sheffield and Manchester, to L1 Capital.
After repayment of the related debt financing and disposal
costs, the net cash inflow to the business will be an initial GBP9
million in Q4 FY23 and a further GBP2 million deferred payment in
H1 FY24. This will augment the Group's FY23 year-end cash position,
as well as supporting the business' ability to be proactive in the
land market.
The transaction will crystalise a book loss on disposal, which
is fully reflected in the expected impairment charge for FY23,
highlighted in the Group's trading update of 19 July 2023.
- Ends -
For further information:
Watkin Jones plc
Alex Pease, Interim Chief Executive Officer Tel: +44 (0) 20 3617 4453
Sarah Sergeant, Chief Financial Officer www.watkinjonesplc.com
Peel Hunt LLP (Nominated Adviser & Joint Corporate Broker) Tel: +44 (0) 20 7418 8900
Mike Bell / Ed Allsopp www.peelhunt.com
Jefferies Hoare Govett (Joint Corporate Broker) Tel: +44 (0) 20 7029 8000
James Umbers/David Sheehan / Paul Bundred www.jefferies.com
Media enquiries:
Buchanan
Henry Harrison-Topham / Jamie Hooper Tel: +44 (0) 20 7466 5000
watkinjones@buchanan.uk.com www.buchanan.uk.com
Notes to Editors
Watkin Jones is the UK's leading developer and manager of
residential for rent, with a focus on the build to rent, student
accommodation and affordable housing sectors. The Group has strong
relationships with institutional investors, and a reputation for
successful, on-time-delivery of high quality developments. Since
1999, Watkin Jones has delivered 48,000 student beds across 143
sites, making it a key player and leader in the UK purpose-built
student accommodation market, and is increasingly expanding its
operations into the build to rent sector. In addition, Fresh, the
Group's specialist accommodation management business, manages over
22,000 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's competitive advantage lies in its experienced
management team and capital-light 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
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END
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