Watkin Jones has appointed Unite’s property director Richard Simpson as its new chief executive officer as it enters into its first build to rent deal with M&G.
Simpson, who has been at Unite for 13 years, will replace Mark Watkin Jones who announced his intention to step down in January.
For the last six years, Simpson has been responsible for all aspects of Unite’s property portfolio and was previously chair of the BPF’s cross-sector Student Accommodation Committee from 2013-2015. He is also non-executive director of CityWest Homes, a London-based social housing company.
Watkin Jones has a large pipeline of student and PRS sites around the country and is expanding its build to rent offering to match its student activities: since 1999 it has built 34,5000 student beds.
At the same time as Simpson’s appointment, the company announced its first forward-funding deal with M&G on a 315-flat build to rent block in Reading at Thames Quarter [main picture].
The institution is paying £68.5m for the development works and completion is scheduled for 2021. M&G are working with Lochailort on the scheme, who are the landowner. CBRE advised Lochailort.
Watkin Jones said it is in control of five further build to rent development sites and remains in positive negotiations on several other development opportunities. It expects to deliver more than 1,500 units in the next five years.
Mark Watkin Jones, chief executive of Watkin Jones plc, said: “The development agreement for the Reading scheme replicates the delivery elements of our student accommodation model and, alongside the excellent visibility in our student accommodation development business, reinforces our confidence in our business model and the markets in which we operate.”
At Unite, Nick Hayes will be promoted to group property director, and Simpson will be on gardening leave at the group until 1 January 2019 when he starts at Watkin Jones.
Unite said it would not replace Simpson on the board of directors.
Richard Simpson said: “Watkin Jones has a well-earned reputation as one of the UK’s leading developers with an unrivalled focused expertise across PRS from build to rent to student accommodation development and management.
“I am excited by the prospect of working with the board, senior management and staff to build on the group’s strong foundations and to lead the business in the continued execution of its strategy.”
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