Watkin Jones has completed the sale of its three non-core Private Rented Sector (PRS) operational assets, located in Sheffield and Manchester, to L1 Capital.
The sale will generate an initial net cash inflow of €10.53m in the fourth quarter of the financial year 2023, and a further €2.34m deferred payment in the first half of the financial year 2024, after repaying the related debt financing and disposal costs.
The three PRS assets that were sold are The Forge, Sheffield - 283-bed PRS scheme completed in September 2019; The Gatehouse, Manchester - 58-bed PRS scheme completed in September 2019; and The Pictureworks, Sheffield - 206-bed PRS scheme completed in September 2020.
George Dyer, Group Investment Director at Watkin Jones said: “We are pleased to undertake our first transaction with L1 Property. The sale of these assets represents the culmination of our business plan and will enable us to recycle the proceeds into further land opportunities as we look to grow our pipeline in the coming months.”
