QIA and Brookfield bid for Canary Wharf

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, including Glick Entities, China Investment Corporation, Morgan Stanley Real Estate Investing and Third Avenue Management. In a statement responding to a story reported by Real Estate Capital, 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 and in the meantime”. It added: “Songbird shareholders are advised to take no action.” Qatar Investment Authority owns 28.6% of the shares in Songbird, while Glick owns 25.9% and CIC 15.8%. Songbird, in turn, owns 69.4% of Canary Wharf Group, which boasts a £6.3bn London portfolio. Brookfield already owns the majority of the 30.6% of Canary Wharf that Songbird does not control. jack.sidders@estatesgazette.com