Chairman and chief executive of Canary Wharf Group Sir George Iacobescu agreed an £11m share windfall with his employer last year, including a £5.8m deal struck after Brookfield and QIA’s £2.6bn bid for the company.
Iacobescu, 69, has been crucial to the success of the estate since he began working on it with previous owner Olympia & York in 1988.
The company’s annual results show that in February last year Iacobescu was awarded 1.65m shares in Songbird Estates, the previous 69% listed owner of Canary Wharf.
The first of three annual allocations was made in June last year and, based on the share price at the time, was valued at £1.4m.
Last December, while the board was considering the bidders’ ultimately accepted 350p per share offer, a further 1.65m shares were awarded to Iacobescu.
These were again to be paid in three equal annual amounts from June this year.
Based on the final agreed sale price of the company at 350p per share, the 2.75m shares due are valued at £9.6m, taking the whole share allocation to £11m.
Brookfield and QIA took on CWG’s liabilities, including share allocations, on completion of its takeover in April.
Iacobescu also received a remuneration package of £2.3m, including bonuses, last year.
david.hatcher@estatesgazette.com
