Songbird Estates, the majority owner of the Canary Wharf Estate, said that the offer from the Qatar Investment Authority (QIA), backed by Canadian investment firm Brookfield, undervalued the asset but conceded that the battle was now lost.
Canary Wharf Group is majority owned by Songbird Estates; Brookfield owns 22% of Canary Wharf. QIA owns 29% of Songbird. Songbird鈥檚 thee other largest shareholders, Glick, China Investment Corp and Morgan Stanley Investment Management, have accepted QIA鈥檚 offer, giving it 85.66% of the shares in total.
The board of Songbird Estate had been trying to solicit rival offers to push the price up, but none came.
Got a story? Email news@theconstructionindex.co.uk
