posted on September 28th, 2009
Qatar Investment Authority (QIA) has made clear its intentions of becoming a significant player in the UK property market by funding the acquisition of 8.5% stakes of Canary Wharf Group (CWG) through Songbird Estates.
QIA, through Qatar Holdings, which deals with the strategic and direct investment department, has pumped over ₤113 million into Songbird to buy an additional £54mn of shares in CWG, increasing the shareholding from 61% to about 68.9%. Ahmad al-Sayed, the CEO of Qatar Holdings, said that the company will be providing full support to the Songbird Estates firm by pumping in the funds for the acquisition. QIA’s contribution is said to be around ₤150 million while China Investment Corporation (CIC) will put in the rest of the money required.
Qatar Holdings has become a significant player in the London and UK real estate arena in recent times. It has holdings in a number of companies including J Sainsbury, Qatar Telecom, Qatar Exchange, London Stock and Barclays, among others, and the recent investment in Songbird indicates its intentions in expanding its desk space to rent hold.
Songbird Estates continues to grow, increasing its holdings in Canary Wharf from 15 to 30 office towers. The Canary Wharf development is seen as a critical addition to London’s commercial and office space. With the full backing of Qatar Holding, the company is set to make a significant impact in the market, and the move will benefit both parties.
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