Member Article

£2.6bn Canary Wharf takeover complete

Brookfield Property Partners L.P, in conjunction with its joint venture partner Qatar Investment Authority, have today completed the acquisition of London’s Canary Wharf Group through their £2.6bn acquisition of Songbird Estates.

Brookfield and QIA launched a joint bid to take control of Canary Wharf Group in December 2014, which was initially expected to be rejected by Songbird. Just over two months later, in early February 2015, it was announced that the joint venture partners’ 350p per share offer for Songbird had become wholly unconditional.

Songbird’s shares will cease to trade on London’s AIM market from 7.00 am on 23 April 2015.

Ric Clark, CEO of Brookfield Property Group, commented: “We are extremely pleased to have completed the acquisition of Songbird and through it, Canary Wharf Group, with our joint venture partner, QIA.

“Canary Wharf remains one of the most treasured property estates in the world. With the transaction now concluded, we look forward to working with QIA and the Canary Wharf Group management team to advance the substantial development pipeline and to realize the full potential of the site for our tenants, stakeholders and the people of London.”

H.E. Sheikh Abdulla bin Mohammed Al Thani, CEO of QIA, said: “We are delighted that QIA and Brookfield have now concluded the acquisition of Songbird and Canary Wharf Group.

“We look forward to realizing 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.”

This was posted in Bdaily's Members' News section by Ellen Forster .