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  • 05-12-14

    Qatar fund raise offer to USD4bn for UK Canary Wharf

    (MENAFN) Qatar Investment Authority said that it, along with its North American partner, have upped their joint bid for Songbird Estates, the owner of London's Canary Wharf financial district, with an offer of USD4.1 billion, Arab News reported.

    The new offer follows Songbird rejecting an initial USD3.44 billion offer from QIA and Brookfield Property Partners, saying it significantly undervalued the group.

    "The Songbird offer provides an attractive opportunity for Songbird shareholders to realize, in cash at a premium, their investment in a highly illiquid stock which has not paid a dividend over the past five years," QIA said in a statement

    The QIA already owns 28.6 percent of Songbird, while US Brookfield, which operates and invests in office and industrial property, has a 22 percent stake in Canary Wharf Group.

    QIA already has a significant presence in London, having stake in The Shard, Western Europe's tallest skyscraper, and department store Harrods.

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