UPDATE 3-Qatar fund and partner raise offer for Canary Wharf-owner Songbird

Thu Dec 4, 2014 3:42pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* QIA, Brookfield make 350 pence-per-share cash offer

* New offer values Songbird at 2.6 bln stg

* Songbird has said it is worth 2.8 bln stg

* Comes amid revival in London office property market (Adds Breakingviews)

By Clare Hutchison

LONDON, Dec 4 (Reuters) - Qatar's sovereign wealth fund and a North American investor have upped their joint bid for Songbird Estates, the owner of London's Canary Wharf financial district, with an offer that values the company at 2.6 billion pounds ($4.1 billion).

Songbird is the majority owner of the Canary Wharf estate, established about 25 years ago on former docks as a new financial zone. It is also a part owner of the landmark "Walkie Talkie" skyscraper in the City, London's traditional business area.

It rejected an initial 2.2 billion-pound approach from the Qatar Investment Authority (QIA) and Brookfield Property Partners, saying it significantly undervalued the group. Last week, Songbird said it was worth 2.82 billion pounds thanks to an upturn in property markets.

In a hostile move, the QIA and Brookfield took its new all-cash offer of 350 pence per share directly to shareholders.   Continued...