Canary Wharf Owner Gets Offer From Qatar, Brookfield - Bloomberg

Canary Wharf Owner Gets Offer From Qatar, Brookfield - Bloomberg:



"Qatar Investment Authority and Brookfield Property Partners LP (BPY) increased their bid for London Canary Wharf owner Songbird Estates Plc (SBD), and the Qatar fund agreed to buy as much as 9 percent of Brookfield.



The companies offered 350 pence a share in cash for Songbird, they said in a statement today. That’s 33.6 percent more than Songbird’s closing share price on Nov. 5, the day before the initial bid was disclosed, and values the company at about 2.6 billion pounds ($4 billion). Songbird owns 69 percent of Canary Wharf Group Plc, which controls London’s second-biggest financial district.



Buying Songbird would expand Qatar’s London property portfolio, which includes stakes in the Shard skyscraper, Harrods department store and the Olympic Village. It would also allow the new owners to construct thousands of homes in London, the best-performing part of the U.K. residential market in the past five years."



'via Blog this'