BW Sells shares in Woodwharf for £52 million.

Wood Wharf deal provides long term income for the waterways

18 January 2012

British Waterways has sold its shares in the Wood Wharf Limited Partnership to Canary Wharf Group plc. The deal will provide the waterways with a capital payment of £52.4 million over the next four years together with an increased ground rent for the next 250 years which, by 2016, will provide £6m of income per annum for waterways maintenance.

Canary Wharf will now take forward the 16.8 acre site which will become a new mixed use development scheme adjacent to the Canary Wharf business and shopping district.

Robin Evans, British Waterways chief executive, comments: “This is a great deal and wonderful news for the waterways. The enhanced ground rent plus the additional income as a consequence of reinvesting the capital payment will generate nearly £10m annual income for the Canal & River Trust. This is a valuable boost for the Trust and is a figure that will grow as Canary Wharf Group develops out the site.”

For further information contact Jonathan Ludford: Phone 020 7985 7275 Email: Jonathan.ludford@britishwaterways.co.uk

For the Canary Wharf Group statement visit: http://www.canarywharf.com/aboutus/Media/News/Canary-Wharf-Group-plc-acquires-full-ownership-of-Wood-Wharf-Partnership/

via Newsroom – British Waterways.