Taylor Woodrow has developed the St Katharine's Estate over the past 30 years on a landmark site next to Tower Bridge, on the edge of the City of London. It is a mixed-use development encompassing offices, retail, residential property and a marina.
As part of the deal, Taylor Woodrow has offered a rental guarantee on the K2 building and certain other unlet elements of the estate. The maximum payable is £2.8 million ($5.2 million) in the first year, £2.7 million ($5 million) in the second year, £2.6 million ($4.8 million) in the third year and £75,000 ($140,000) in the fourth and fifth years.
Taylor Woodrow says the sale would allow it to focus on its core housing and development business. Proceeds will be used to repay debt and to finance future developments.
Chief executive Iain Napier says: "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.
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