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Saturday, 21 November 2009 07:59 UAE time

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Songbird ups stake in London’s Canary Wharf

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Saturday, 19 September 2009
RAISING STAKE: Qatar Holding is the direct investment arm of the Qatar Investment Authority. (Getty Images)
RAISING STAKE: Qatar Holding is the direct investment arm of the Qatar Investment Authority. (Getty Images)

Songbird Estates - the Qatar Holding-backed property company - is raising its stake in London’s Canary Wharf financial district with a £112.5 million purchase of 54 million shares from Germany’s Commerzbank, taking its overall holding to 69.3 percent.

Songbird intends financing the purchase by increasing the size of a previously announced share issue planned to repay an £880 million loan from Citibank.

The deal is being backed by Qatar Holding - the strategic and direct investment arm of the Qatar Investment Authority - as well as other major shareholders, including China Investments Corporation.

Qatar Holding meanwhile confirmed it will be the lead participant in a previously announced £275 million preference share issue by providing £150 million.

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In a statement Ahmad Al-Sayed, CEO of Qatar Holding said: "We fully support the management of Songbird in undertaking this transaction, which we believe is a good opportunity to create value for all Songbird shareholders.

''We are therefore increasing our participation in the planned fund-raising to ensure its successful completion."

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