Shares in Watkin Jones (WJG) were up 5 per cent as we went to press, after the company made the twin announcement of a completed forward sale and a development agreement. Both deals involved the same unnamed institutional investor.
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First, the property developer, which specialises in student accommodation, has forward sold a development of 354 student beds on a street in Belfast. Second, it will deliver 972 beds in Sheffield, on the Hollis Croft scheme. Watkin Jones will receive around £90m, net of client funding costs, in total. And their completion in 2019 will signify the forward sale of more than half of the 3,545 beds required ahead of the 2019-20 academic year.
