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Mon 25 Jul 2011 09:46 AM

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Qatar-backed developer in line to win Shell property deal

UK's Canary Wharf Group to transform Shell’s London headquarters, says report

Qatar-backed developer in line to win Shell property deal
Londons Canary Wharf Group will partner Qatar on the bid for the £300m site

UK developer Canary Wharf Group is set to be selected by Royal Dutch Shell to transform the area around the oil firm's London headquarters, it was reported Sunday.

The developer, which is majority owned by Songbird Estates, has teamed up with Qatar Diar, the property investment arm of Qatar's sovereign wealth fund, to offer up to £350m ($571m) for the redevelopment deal, the Sunday Times reported without citing sources.

Shell Centre’s 5.25-acre Waterloo site is one of the most sought-after development locations in London. The three buildings are to be redeveloped into a mixed-use scheme, including houses, shops and new corporate offices for Shell.

Shell is expected to announce the deal in the next two weeks.

Shell and Canary Wharf Group both declined to comment on the report on Sunday.

Qatar Holding, a subsidiary of the country's sovereign wealth fund, said in May it would increase its stake in Songbird to 27.7 percent. Qatar Holding is the company’s largest shareholder.

Qatar already owns the London Bridge Tower, Harrod's department store and the former Chelsea Barracks site, which is to be transformed into a $4.8bn mixed-use development.

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