Sale of St Katharine's Estate
February 27 2004 - 10:57AM
UK Regulatory
RNS Number:9323V
Taylor Woodrow PLC
27 February 2004
27th February 2004
TAYLOR WOODROW PLC
SALE OF ST KATHARINE'S ESTATE, E1
Taylor Woodrow, the international housing and development company, announces
today that it has agreed the sale of the St Katharine's Estate and the adjoining
K2 development property for #283.3 million.
Of this total consideration, #166.3 million relates to the sale of St
Katharine's Estate to St Katharines' Investment L.P, a client of REIT Asset
Management and is payable in cash on completion which is expected on 25 March
2004. #117.0 million relates to the sale of the K2 development property, also to
clients of REIT Asset Management, and is payablein cash following practical
completion of the construction of K2, which is expected to occur in late
December 2004 or January 2005.
Taylor Woodrow has guaranteed certain rental amounts to the purchasers of St
Katharine's Estate and K2. Under thisarrangement, Taylor Woodrow will pay no
more than #2.8 million in the first year, #2.7m in the second year, #2.6 million
in the third year and #75,000 in the fourth and fifth years to the purchaser of
St Katharine's Estate.
Proceeds from these disposals will be used to repay the 2014 9.5% first mortgage
debenture and for general corporate purposes. The disposal is consistent with
strategy and continues Taylor Woodrow's focus on its core housing and
development business.
The net asset value of the St Katharine's Estate at 30 June 2003 was #165.9
million. In accordance with UK accounting standards the St Katharine's Estate
was independently valued at 31 December 2003 by external valuers at #146.3
million.
During the twelve months to31 December 2003 Taylor Woodrow received rental
income of #10.9 million from the Estate (12 months to 31 December 2002: #8.9
million).
Iain Napier, Chief Executive of Taylor Woodrow commented,
" We are pleased to have achieved a sale of St Katharine's Estate, the last
major investment property held on our balance sheet. This reinforces our
position as a focused house builder."
Taylor Woodrow held the St Katharine's Estate as a portfolio of investment
properties. The estate, located adjacent to Tower Bridge, on the edge of the
City of London, is a mixed use development encompassing offices, retail,
residential property, and a marina.
-ENDS-
For further information, please contact:
Ian Morris 0121 600 8520 / 07816 518767
Taylor Woodrow Corporate Communications
Jonathan Murrin 0121 600 8521 / 07816 518718
Taylor Woodrow Investor Relations
William Clutterbuck 020 7379 5151 / 07785 292617
Maitland Consultancy
Kevin McGrath 020 7499 7700
REIT Asset Management
This information is provided by RNS
The company news service from the London Stock Exchange
END
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