Property

Qatar, US-listed firm complete purchase of London’s Canary Wharf

Chief executive of Qatar Investment Authority says new homes, offices and retail space planned in the financial district

PHOTO: Canary Wharf is the UK's capital second-largest financial district after the City. Credit: Shutterstock

Qatar’s sovereign wealth fund and a US-listed partner have completed the takeover of London’s Canary Wharf financial district after buying out the other shareholders, it was announced today.

Qatar Investment Authority (QIA) and Brookfield Property Partners, which is listed in New York and Toronto, now own 100 per cent of London’s Canary Wharf Group, the two parties said in a statement.

Canary Wharf is London’s second-largest financial district after the City, and the group behind it has constructed over 16m sq ft of office space, with its buildings occupied by over 100,000 people.

Sheikh Abdulla bin Mohammed Al Thani, the chief executive of QIA, said a broad range of future developments are planned on the site.

“We are delighted that QIA and Brookfield have now concluded the acquisition of Songbird and Canary Wharf Group,” he said in a statement.

“We look forward to realising our partnership with Brookfield as long-term investors, to support the management’s strategy of pursuing further expansion through the creation of a sustainable, mixed development comprising offices, homes as well as retail and leisure space.”

The full transfer of ownership follows QIA and Brookfield’s £2.6 billion ($3.9bn) acquisition of Songbird Estates – of which Canary Wharf Group is a subsidiary – as well as the share capital of Canary Wharf Group not owned by Songbird.

“It is expected that Songbird’s shares will cease to trade on London’s AIM market from 7.00 am on 23 April 2015,” the statement said.

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