Monday, 10 November 2014

Canary Wharf bid from Qatar fails over £3bn price tag

The City put a £3 billion price tag on Canary Wharf today after a low-ball Qatari bid to wrest control of the Docklands estate was “unanimously” rejected.

The Qatar Investment Authority — which already owns Harrods and Chelsea Barracks — is bidding in tandem with Canadian developer Brookfield to win full control of Songbird Estates, itself a 69% shareholder in Docklands landlord and developer Canary Wharf Group.

Qatar already owns a 28.6% stake in Songbird but the joint venture’s opening 295p a share pitch was immediately dismissed by the Songbird board and the City.

Full article: London Evening Standard

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