Songbird poised to swoop after cash injection

The Canary Wharf Group is poised to return to the property market looking for new acquisitions and development opportunities, following an £836m recapitalisation of its majority owner.

Songbird Estates’ fundraising, agreed on Friday, was backed by a consortium led by the Qatari sovereign wealth fund. Qatar Holding headed a group of investors that will underwrite the £836m equity raising to pay back a Citigroup loan, freeing Songbird from a potential debt crisis.

The group of investors, including the China Investment Corporation, was keen to see the recapitalised company re-enter the property market and look for new investments in London, a person close to Qatar Holding said on Sunday.