£2.6bn Canary Wharf takeover completes

Qatar Investment Authority and Brookfield Property Partners have today completed the takeover of Docklands developer Canary Wharf Group pledging to plough ahead with the massive development pipeline.

The £2.6bn deal for Canary Wharf owner Songbird Estates prompted the new owners to underline their commitment to the existing management building programme.

Ric Clark, CEO of Brookfield Property Group, said: “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 realise the full potential of the site for our tenants, stakeholders and the people of London.”

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 supporting 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.”

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

The deal goes through as Canary Wharf Group is pressing ahead with plans to build out the last remaining sites with office and residential towers on its main Docklands Estate and gears up to start enabling works for the 4.9m sq ft Wood Wharf scheme to the east of its main site.

Canary Wharf is also set to start work shortly on the £1.2bn Shell Centre redevelopment on the South Bank in central London.