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
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