REG - Watkin Jones plc - Sale of three non-core PRS operational assets

Watkin JonesAnnouncement

17/08/2023 07:00

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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 £9 million in Q4 FY23 and a further
£2 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 (http://www.watkinjonesplc.com/)

 Peel Hunt LLP (Nominated Adviser & Joint Corporate Broker)                     Tel: +44 (0) 20 7418 8900
 Mike Bell / Ed Allsopp                                                         www.peelhunt.com (http://www.peelhunt.com/)

 Jefferies Hoare Govett (Joint Corporate Broker)                                Tel: +44 (0) 20 7029 8000
 James Umbers/David Sheehan / Paul Bundred                                      www.jefferies.com (http://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
(http://www.watkinjonesplc.com/)

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