Watkin Jones, a prominent real estate developer, has successfully completed the sale of a three-property freehold PRS (Private Rented Sector) portfolio to L1 Property, a subsidiary of L1 Capital focusing on real estate funds management.

The portfolio, encompassing over 117,000 square feet, consists of 174 units spread across three locations. The properties include 78 units at Gateway and 43 at Impact, both situated in Sheffield, and 53 units at The Wharf in Droylsden, Greater Manchester. These assets were constructed by Watkin Jones between 2006 and 2008 and have been managed by the group ever since.

This transaction marks the first collaboration between Watkin Jones and L1 Property. Savills and Mishcon de Reya provided advisory services to Watkin Jones for the deal.

George Dyer, the group investment director at Watkin Jones, expressed satisfaction with the sale, stating that it represents the realization of their business plan. He further noted that the proceeds would be reinvested into new land opportunities, supporting the company’s growth strategy in the upcoming months.

Thomas Collins, COO at L1 Property, emphasized that the acquisition aligns with L1’s vision to enhance living experiences and add value through asset management. He also mentioned the company’s ongoing commitment to developing its fully integrated property management platform.