(MENAFN- Gulf Times) The Qatar Investment Authority and Brookfield Property Partners acquired 100% of London's Canary Wharf Group after buying out the remaining shareholders. Brookfield owned 22% of CWG before the deal.
The venture had already agreed to acquire Songbird Estates, which owned 69% of CWG, in January in a deal that valued Songbird at about £2.6bn ($3.9bn). Songbird shares are expected to stop trading on London's AIM market on April 23, according to a statement yesterday.
Sovereign wealth funds such as the QIA are seeking property deals of $1bn or more as yields from bonds shrink, making returns from property more attractive. Canary Wharf in east London is the city's second-largest financial district and the owners plan to build more housing after prices surged in the UK capital.
"Canary Wharf remains one of the most treasured property estates in the world," Brookfield Property Group chief executive officer Ric Clark said in the statement. "We look forward to working with the QIA and the Canary Wharf Group management team to advance the substantial development pipeline and to realise the full potential of the site."
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