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After their £2.6bn offer that won the support of the owners’ shareholders, London’s Canary Wharf finally won by Qataris

As reported by The Guardian of 28 January

And many feel that London’s new business district is set to be taken over by the rulers of Qatar.

Songbird Estates, the majority owner of the Canary Wharf Estate, after its board had not secured other offers, said early this week that the offer from the Qatar Investment Authority (QIA), backed by Canadian investment firm Brookfield, undervalued the asset but conceded that the ‘battle was now lost’.

Canary Wharf Group is also owned apart from Songbird Estates by Brookfield at 22% but QIA owns 29% of Songbird’s whose three other largest shareholders, Glick, China Investment Corp and Morgan Stanley Investment Management, have accepted QIA’s offer, giving it 85.66% of the shares in total.

Canary Wharf bird's eye

Canary Wharf (bird’s eye view)

THE WALL STREET JOURNAL of 28 January 2015 produced this article on :

Qatar Set to Gain Control of London’s Canary Wharf and Songbird Estates says largest shareholders agree to QIA, Brookfield Bid

By Ed Ballard, Art Patnaude and Nick Kostov

Updated Jan. 28, 2015 11:53 a.m. ET

LONDON—Years of conjecture over the sale of London’s skyscraper-studded Canary Wharf business district appear to be over.

The Qatar Investment Authority and Canadian firm  Brookfield Property Partners  LP are poised to gain control of Canary Wharf’s majority shareholder,  Songbird Estates PLC, in a £2.6 billion ($3.95 billion) hostile takeover. That would add to Qatar’s burgeoning London portfolio and hand Brookfield a belated victory in a takeover battle that dates back a decade.

The path to what would be the U.K.’s biggest real-estate deal was cleared when Songbird, which owns 69% of Canary Wharf Group, said Wednesday that three major shareholders had decided to back the bid. That move promises to settle a standoff between Songbird’s board and the bidders, and could result in the company leaving the  London Stock Exchange. 

Read more on the above mentioned address.

 

 

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