1 minute readU.K. construction firm Taylor Wimpey found a buyer for its North American businesses after rumors of a sale emerged four months ago. Or, to be more exact, Taylor Wimpey found buyers. The U.S. homebuilding business, Taylor Morrison, is being sold to a private investment consortium for $995 million. Taylor Wimpey’s Canadian homebuilding company, Monarch, is part of the deal. The investors are Fort Worth, Texas-based TPG Capital, Los Angeles-based Oaktree Capital Management and Canada-based JH Investments. The investors will break up the business for separate, independent management. “We’ve weathered the storm while remaining true to our core values,” said Taylor Morrison CEO Cheryl Palmer. “We’ve pulled through with a structure that we feel is very viable in today’s market.” The rumors first appeared in a HousingWire editorial published on Dec. 8. The transaction is contingent upon shareholder approval in the United Kingdom and must clear and regulatory hurdles. The transaction is expected to close by the end of May 2011. TPG currently manages ST Residential, a $4.5 billion portfolio of mortgage loans and REO assets previously owned by Corus bank. Write to Jacob Gaffney. Follow him on Twitter @JacobGaffney.
Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio
Most Popular Articles
Latest Articles
From resilience to antifragility: Rethinking cybersecurity for real estate and mortgage professionals
In information security, we’ve long spoken about resilience. The goal has been to withstand an attack, recover quickly, and return to business as usual. But in today’s environment—where attackers adapt and evolve daily—resilience is no longer enough. We must go further. We must embrace antifragility.
-
From local to global: RE/MAX’s Chris Lim on the next era of real estate relationships
-
Stop marketing like it’s 2008: You’re invisible
-
RE/MAX accelerates real estate innovation with AI and technology
-
Retirement plans for small-business owners have visible generational gaps
-
VA loans rise as housing market shifts toward buyers
Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio
