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  • 07-11-14

    Qatari QIA bids for takeover of London's Canary Wharf estate

    (MENAFN) Qatar Investment Authority said that it has jointly with Brookfield Property Partners LP , a US company, approached Songbird Estates, the owner of the Canary Wharf, about a possible takeover in a deal that could increase QIA's presence in London's real estate market, Arab news reported.

    Songbird Estates, which QIA owns 28.6 percent of its shares, is the majority owner of the Canary Wharf estate, while Brookfield, which operates and invests in office and industrial property, has a 22 percent stake in Canary Wharf Group.

    Canary Wharf, which once housed the docks for Britain's imperial shipping trade, is currently the home to Barclays and HSBC as well as the main European offices of Citi, JPMorgan and Morgan Stanley and has a working population of over 100.000 as well as having one of London's largest retail centers.

    The board of Songbird will consider this approach in light of what is in the best interests of the shareholders in the company as a whole and in the meantime Songbird shareholders are advised to take no action," Songbird said.

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