REG - Watkin Jones plc - WJ & Maslow Capital announce £102m PBSA scheme

Watkin JonesAnnouncement

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RNS Number : 6183L  Watkin Jones plc  15 December 2025

15 December 2025

 

Watkin Jones plc

('Watkin Jones' or the 'Group')

 

Watkin Jones and Maslow Capital announce £102m Bristol PBSA scheme

Watkin Jones plc ("Watkin Jones" or the "Group"), the UK's leading developer
and manager of residential property for rent, is pleased to announce that it
has contractually exchanged on a further high-quality purpose-built student
accommodation ("PBSA") development opportunity in Bristol into its Joint
Venture ("JV") with Maslow Capital (the "Transaction").

The Transaction will have an estimated Gross Development Value ('GDV') of
c.£102m upon completion of the development and will generate secured revenues
of approximately £55m over the course of its three-year construction period.
In addition, there is the potential to generate further revenue through the
sale of the property once completed (the "Realisation Sale"). The Transaction
is conditional on Gateway 2 approval which is expected during the first half
of FY2026. The Transaction will deliver a cash inflow of c. £2m in FY26.

The Group will be responsible for the delivery of the scheme through to
completion, as well as its ongoing management by Fresh, the Group's
accommodation management business. Completion is targeted in time for the
start of the 2028/29 academic year. The Group will also benefit from
additional revenue proportionate to any returns in excess of agreed hurdle
rates delivered by a Realisation Sale. Any such sale is not expected to occur
before Q4 2028.

The development, situated in a prime location for Bristol's universities, on
Malago Road in Bedminster, will comprise 484 beds across three blocks.

The Transaction represents the second scheme in the JV between Watkin Jones
and Maslow Capital, following their earlier collaboration on a 784-bed PBSA
scheme, The Ard, in Glasgow in September 2025. The partnership reflects the
Group's ability to work with institutional capital to deliver standout,
sustainable schemes in markets where demand continues to outpace supply.

Alex Pease, Chief Executive Officer of Watkin Jones, commented:

"This transaction reflects our strategy to deepen relationships with
institutional capital and deliver sustainable growth in the UK's most
attractive student markets. Bristol's strong fundamentals and connectivity
make it a key location, and this scheme will reinforce our leadership in
providing best-in-class accommodation that meets evolving student expectations
while supporting our long-term value creation objectives."

Related party transaction

The JV, which is owned 95% by Maslow Capital and 5% by the Group, has three
statutory directors, being Alex Pease, the Group's CEO, Simon Jones, the
Group's CFO, and George Dyer, Group Investment Director. Accordingly, the JV
is a related party of Group, and the entry into the Transaction (including the
associated development, financing and management agreements between the Group
and the JV Entity), constitutes a related party transaction pursuant to Rule
13 of the AIM Rules for Companies.

 The Independent Directors, being all directors of the Group other than Alex
Pease and Simon Jones, having consulted with the Company's nominated adviser,
Peel Hunt, consider the entry into the Transaction is fair and reasonable
insofar as the Company's shareholders are concerned.

 

 
- ENDS -

 

For further information:

 

 Watkin Jones plc
 Alex Pease, Chief Executive Officer                             Tel: +44 (0) 20 3617 4453
 Simon Jones, Chief Financial Officer                            www.watkinjonesplc.com
 Adam McGhin, Chief Legal Officer & Company Secretary

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

 Singer Capital Markets (Joint Corporate Broker)                 Tel: +44 (0) 7496 3000

 Sara Hale / Graham Hertrich / James Todd                        www.singercm.com

 Media enquiries:
 MHP Group (Financial PR)                                        Tel: +44 (0) 7711 191518
 Reg Hoare / Rachel Farrington / Catherine Chapman               www.watkinjones@mhpgroup.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 over 51,000 student beds
across 150 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, where it has delivered 3,400 apartments across
19 schemes to date. In addition, Fresh, the Group's specialist accommodation
management business, manages c.21,000 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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