QIA-led consortium acquires parent company of Canary Wharf group
Qatars sovereign wealth fund, the Qatar Investment Authority (QIA), and Canadian investment firm Brookfield properties have secured a $4bn deal to buy London-based Songbird Estates, parent company of the Canary Wharf Group.
The deal will see the Qatari-led consortium own Londons financial district, Canary Wharf. The move comes after months of resistance from shareholders. The UK firm initially wanted to sell to a group of smaller investors, but succumbed to the Qataris ahead of the 29 January deadline.
Songbird said its three major shareholders intend to accept the offer.
QIA, Songbirds biggest shareholder with a 28.6 per cent stake, and Brookfield has been trying to gain control of the property company since November.
QIA and Brookfield have secured 85.6 per cent majority shares.
The move will add to QIAs growing portfolio of London investments including Harrods department store, The Shard tower and Barclays Bank.
Follow Hossam Abougabal on Twitter: @MEEDHossam
You might also like...
Amiral cogen eyes financial close
26 April 2024
Lunate acquires 40% stake in Adnoc Oil Pipelines
26 April 2024
Saudi Arabia's Rawabi Holding raises SR1.2bn in sukuk
26 April 2024
Iraq oil project reaches 70% completion
26 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.