The Qatar Investment Authority and Brookfield have increased their bid for Canary Wha
rf parent Songbird Estates with a £3.50 per share final cash offer, valuing the company at £2.6bn.
A QIA spokesman said the revised bid for Songbird was at a “significant premium to Songbird’s fundamental value”.
The offer – almost 20% above the pair’s initial £2.95 bid – came as the Qataris closed a deal to buy the HSBC tower for £1.2bn.
The acquisition of HSBC’s 1.1m sq ft HQ at 8 Canada Square, E14, from Korean fund NPS is the largest single-asset deal in UK history.
Canary Wharf Group helped broker the deal for QIA but its involvement ceased after the sovereign fund’s initial £2.2bn bid for its parent on 5 November.
QIA already owns 28% of Songbird plus Credit Suisse’s Canary Wharf HQ and a 20% stake in 10 Upper Bank Street.
GM Real Estate and JLL advised on the sale of 8 Canada Square.
