(MENAFN) Qatar Investment Authority (QIA) said that it is considering with its partner Brookfield Property Partners to increase their USD3.5 billion takeover offer for Songbird Estates, the majority owner of London's Canary Wharf, for the property, The Peninsula Qatar reported.
Songbird, which rejected an initial approach earlier, said that the first offer undervalued the value of the company significantly, thus resulting in the QIA, Sovereign wealth fund, and Brookfield, to consider upping the value of the offer.
QIA already owns 28.6 percent of Songbird, which in turn owns 69 percent of Canary Wharf Group, the owner of the estate, while US- based Brookfield, which operates and invests in office and industrial property, has a 22 percent stake in Canary Wharf Group.
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