View: What the Canary Wharf Deal Really Means for SWFs

February 04, 2015 by Loch Adamson

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After two months of negotiations, the Qatar Investment Authority and Canadian real estate investor Brookfield Property Partners finally got their way. On January 28, Songbird Estates, the company that owns almost 70 percent of Canary Wharf Group (CWG), the holding company for the eponymous financial district in East London, reluctantly accepted the partners’ revised £3.50-per-share takeover offer. The hostile bid for the company has been extensively covered by the media, but there’s more to this deal than meets the eye . The first question is: What do the two acquirers want with Songbird and Canary Wharf? The short answer is that both likely have big ideas for the company. Brookfield has apparently been looking to take control of the financial district since it lost out to Songbird Estates, the vehicle New York property magnate Simon Glick and funds managed by Morgan Stanley formed to take the then-London-listed CWG…

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