Qatar’s property market may be suffering the same malaise as the rest of the region but the country’s sovereign wealth fund is reaping the benefits of rebounding commercial property values in London’s financial heartland.
Songbird Estates, which controls 70 per cent of the Canary Wharf business hub and in which Qatar Investment Authority (QIA) is the major shareholder, yesterday posted a return to profit of US$5.5 million (Dh20.2m) for the first half of the year, compared with a loss of Dh465m in the same period last year.
More importantly, the value of its Docklands property portfolio, where it counts some of the biggest names in international finance among its tenants, is rising."
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