(Alliance News) - Watkin Jones PLC on Thursday said it has concluded the sale of its three non-core private rented sector operational assets.

Watkin Jones is a London-based student accommodation developer and manager.

The assets, which are located in Sheffield and Manchester, have been sold to L1 Capital Pty Ltd.

After repayment of the related debt financing and disposal costs, the net cash inflow to Watkin Jones will be an initial GBP9 million in the fourth quarter of financial 2023. There will also be a further GBP2 million deferred payment in the first half of financial 2024.

Watkin Jones said that this will augment the company's financial 2023 year-end cash position, as well as "supporting the business' ability to be proactive in the land market".

It added that the transaction will crystallise a book loss on disposal, which is fully reflected in the expected impairment charge for financial 2023.

Shares in Watkin Jones were down 1.3% to 47.32 pence each in London on Thursday morning.

By Sophie Rose, Alliance News reporter

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