The Qatar-led consortium bidding to buy Songbird Estates hopes to persuade China’s sovereign wealth fund to back its £2.6bn offer.
The Qatar Investment Authority and Brookfield Property Partners needs to woo either the China Investment Corporation or Morgan Stanley, both big shareholders in the Canary Wharf owner, in order to raise their control from 29% to above the 50% mark and push through a partial takeover.
A third big shareholder, Simon Glick, who holds 26% and has backed Canary Wharf since its earliest days, is said to be angered by the opportunistic approach.
It is also believed that private equity buyers are looking at Hansteen, a listed warehouse owner, and foreign money is looking to build a stake in Shaftesbury, which owns chunks of London’s West End.
Sunday Times Business, 2
