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Sat 29 Aug 2009 03:24 PM

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Qatar wants to be largest shareholder in UK's Songbird

Qatar Holding eyes more stake in investment firm that owns part of Canary Wharf.

Qatar Holding LLC aims to become the largest shareholder in Songbird Estates owner of much of London's Canary Wharf office complex - the investment arm of the Qatari wealth fund said late on Friday.

"Qatar Holding has today announced that following the proposed equity issue and loan repayment by Songbird Estates Plc... it intends to become the largest shareholder in the company," the group said in a statement.

Qatar's sovereign wealth fund on Friday joined China Investment Corporation to subcribe to 275 million pounds ($447.9m) in preference shares issued by Songbird.

Songbird is raising funds to purchase and repay senior loan facilities with U.S. bank Citi and the sale would make the two sovereign wealth funds its largest shareholders with about one-third of its shares.

Qatar Holding is the investment arm of the Qatar Investment Authority, the country's sovereign wealth fund. (Reuters)

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