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Fri 28 Nov 2014 04:59 PM

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Songbird Estates says worth $4.4bn, more than Qatar offer

Owner of London's Canary Wharf says property upturn means it is worth more than offer made by Qatar Investment Authority

Songbird Estates says worth $4.4bn, more than Qatar offer
(Getty Images)

Songbird Estates, the majority owner of London's Canary Wharf, said an upturn in property markets means it is now worth 2.82 billion pounds ($4.42 billion), more than the takeover offer from Qatar Investment Authority (QIA) and Brookfield Property Partners .

The company, in which QIA already has a 28.6 percent stake, rejected an initial approach on Nov. 7 from QIA and Brookfield that valued the business at 2.18 billion pounds, or 295 pence per share, saying it undervalued the group.

Improvement in the London property investment market and developments in its Canary Wharf Estate had helped Songbird's adjusted net asset value (NAV) to rise by 19.2 percent since June 30 to 381 pence a share at Nov. 27, it said on Friday.

Songbird added that it has held discussions with QIA and Brookfield Property Partners on a takeover but has received no further proposals.

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