INDUSTRY NEWS

Songbird Estates sell Canary Wharf for £2.6bn

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Dockland Developers, Songbird Estates have sold their Canary Wharf Estate, comprising of London offices and residential space, for £2.6bn.

The takeover was completed by Qatar Investment Authority and Brookfield Property Partners.

Brookfield Property Group’s, CEO, Ric Clark, said, “Canary Wharf remains one of the most treasured property estates in the world. With the transaction now concluded, we look forward to working with QIA and the Canary Wharf Group management team to advance the substantial development pipeline and to realise the full potential of the site for our tenants, stakeholders and the people of London.”

His counterpart, Qatar Investment Authority’s, CEO, Sheikh Abdullah Bin Mohammed Al Thani, said, “We are delighted that QIA and Brookfield have now concluded the acquisition of Songbird and Canary Wharf Group. We look forward to supporting the management’s strategy of pursuing further expansion through the creation of a sustainable, mixed development comprising offices, homes as well as retail and leisure space.”

Songbird Estate’s shares on the AIM London Stock Exchange will cease to trade from April, 23rd.

With the takeover comes plans to build office and residential space on the last remaining sites, as well as the 4.9m sq. ft ‘Wood Wharf’ to the east of the main site.

By: Kirsty MacGregor

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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