Rents in East London business district to rise by 12.8% in 2016, according to Knight Frank
Rents in the Canary Wharf business district are set to rise faster than anywhere else in London this year, according to Knight Frank.
The news is a boost to a Qatari-led consortium that completed a takeover of the complex in January last year.
Knight Frank said rental growth in 2016 was projected to grow by 12.8 percent, beating out rival Shoreditch, which is expected to see rents grow by 10 percent.
The Qatar Investment Authority (QIA), the Gulf state’s sovereign wealth fund, and US investor Brookfield Property Partners won a $3.8 billion battle to acquire the 69 percent stake in Canary Wharf Group owned by Songbird. The QIA had already owned 29 percent of Songbird.
Canary Wharf has been boosted by Deutsche Bank’s decision to move 4,000 staff from the City to 10 Upper Bank Street later this year.
The QIA’s London property portfolio also includes Harrods, Chelsea Barracks and the Shard, the UK capital’s tallest building.