The Qatar Investment Authority and Brookfield Asset Management have made a preliminary approach to buy out Canary Wharf owner Songbird Estates.
Both investors already control significant stakes in Canary Wharf but have launched an attempt to buy out the group’s other investors. These include Glick Entities, China Investment Corporation, Morgan Stanley Real Estate Investing and Third Avenue Management.
Songbird said it would “consider this approach in light of what is in the best interests of the shareholders in the company as a whole”.
It added: “Songbird shareholders are advised to take n o action.”
QIA owns 28.6% of the shares in Songbird, Glick owns 25.9% and CIC 15.8%. Morgan Stanley Real Estate Investing owns 8.53% and Third Avenue Management owns 3.19%.
In turn, Songbird owns 69.4% of Canary Wharf Group, which has a £6.3bn portfolio.
Brookfield already owns the majority of the 30.6% of Canary Wharf that Songbird does not control. It has held its minority stake, which now totals 22.1%, since 2004 when the firm made its first, unsuccessful, attempt to take control of Canary Wharf.
Canary Wharf’s east London estate includes iconic Docklands towers such as One Canada Square, 25-30 Bank Street and 1 Churchill Place, E14. In recent years it has expanded across the capital and now has significant joint venture stakes in 20 Fenchurch Street, EC3, with Land Securities, and the Shell Centre, SE1, with Qatari Diar.
