Interest in Monarch Development Corp'n Acquired

Taylor Woodrow PLC
22 May 2000


   TAYLOR WOODROW PLC ACQUIRES MINORITY OF MONARCH DEVELOPMENT
                           CORPORATION

Taylor Woodrow plc, the international developer, today announces
that it has successfully completed its cash offer of C$11.25 per
share for all of the outstanding common shares of Monarch not
currently owned by Taylor Woodrow and its affiliates for a total
consideration of approximately C$206 million (£88.8 million).

At the offer's close a total of 18,126,383 shares had been
tendered, representing approximately 99% of the common shares not
already owned by Taylor Woodrow and its affiliates. Taylor
Woodrow intends to acquire the balance of shares outstanding
under the compulsory acquisition provisions of the Business
Corporations Act (Ontario).

Monarch is one of Canada's most prominent housebuilders, holding
a significantly long-term land bank and a strong position in high
rise condominium developments in and around Toronto. Taylor
Woodrow Communities, Monarch's highly successful US joint venture
with Taylor Woodrow, is a leading provider of high value, master
planned communities in Florida and Texas. In addition, Monarch
has a significant investment property portfolio in Canada.

Headquartered in Toronto, Monarch had gross operating revenues in
1999 of C$523.3 million. Its 1999 pre-tax earnings were a record
C$63.1 million, up 31.3% on the previous year. Net assets at 31
December 1999 totalled C$330.9 million.

Keith Egerton, Chief Executive of Taylor Woodrow said 'We are
delighted with the successful outcome of this acquisition. It
fits superbly with our strategy to grow our core worldwide
housing and property businesses. It is also favourably timed; we
anticipate continued robust growth in Monarch's principal markets
of high rise condominiums and master planned communities.

'Moreover, the acquisition, which will be immediately earnings-
enhancing, will facilitate the streamlining of our North American
housing operations into one efficient management structure. We
will also step up the active management of Monarch's investment
property portfolio.'



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