Company Announcements

30 September 2025

Watkin Jones plc

('Watkin Jones' or the 'Group')

£182m PBSA Joint Venture between Watkin Jones & Maslow Capital

Watkin Jones, the UK's leading developer and manager of residential for rent, is pleased to announce the sale of a new c.784 bed purpose-built student accommodation ('PBSA') scheme in Glasgow (the "Ard") to a newly created joint venture (the "JV Entity") owned 95% by Maslow Capital and 5% by the Group (the "Transaction"). The Ard will deliver high-quality accommodation in one of the UK's prime cities for student living, in a central location highly accessible to Glasgow's main universities.

The Transaction, which has a projected Gross Development Value of c.£182m at completion, will generate secured revenues for the Group of approximately £115m 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").

Under the structure, 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 for the start of the 2028/29 academic year.

The Transaction will deliver an initial net cash receipt of c.£16m, as well as contributing to the Group's revenue and profitability in FY2025. Further income will be phased over the course of the construction process. 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.

This is Watkin Jones' first transaction with Maslow Capital and is a further demonstration of the Group's ability to broaden its portfolio of funding partners against a backdrop of continued volatility within the UK's residential development and construction sectors.

This transaction, together with the continued strong operational delivery across the business through the second half, is expected to enable the Group to meet its financial expectations for FY2025.

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

"This transaction represents a significant further step for the Group as we seek to diversify our business model and create innovative development funding structures.  Maslow Capital is an excellent partner for Watkin Jones, and their entry into a joint venture with the Group is a great endorsement of our successful track record and extensive experience in residential development and construction.

Related party transaction

For operational purposes, the JV Entity will initially have 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 Entity will be a related party of the 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.

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This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR")

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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 50,000 student beds across 147 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 2,200 apartments across 12 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.