UK’s Canary Wharf owner accepts USD4b Qatari-led bid
28 Jan 2015
(MENAFN) Songbird Estates, the Canary Wharf owner, announced that they have accepted the USD4 billion bid for the acquisition of the property, which is led by Qatar Investment Authority (QIA), Gulf Business reported.
Songbird said that despite still feeling that the offer undervalues the financial district in east London, it has decided to drop its opposition after QIA had the backing of the holders of at least 86 percent of the shares of the property, as well as the lack of any rival offers for the property.
Qatar Investment Authority (QIA) and its bidding partner, U.S. investor Brookfield Property Partners, which launched their bid in December, already own stake in the group, with QIA already owning 29 per cent stake in Songbird, while Brookfield has 22 per cent of Canary Wharf Group.