LONDON--U.K. real-estate company Songbird Estates PLC, which
owns 69% of Canary Wharf Group, said Thursday it had received a
preliminary joint bid approach from Qatar Investment Authority and
Brookfield Property Partners LP.
Shares in Songbird, which said its board would consider the
approach, soared on the news, trading 12% higher at 294 pence at
13:22 GMT.
Qatar Investment Authority already owns a 28.6% stake in
Songbird Estates, while Brookfield holds about a 22% stake in
Canary Wharf Group, which owns the Canary Wharf development in
London.
The consortium has until 17:00 GMT on Dec. 4 to either bid for
Songbird or withdraw.
Canary Wharf, an area outside London's traditional financial
district, has grown since 1990 from derelict docks into a vast
estate of modern office buildings. The area includes offices of
Barclays PLC and HSBC Holdings PLC.
Write to Tapan Panchal at Tapan.Panchal@wsj.com
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