Qatar gives Songbird a bundle of cash
Qatar holding, an integral part of Qatar Investment Authority (QIA) which deals with the department of strategic and direct investment of QIA has made clear its intention to become a big shareholder of Songbird Estates by partially funding Songbird for its purchase of extra 8.5% equity in Canary Wharf Group (CWG), London’s leading real estate developer.
The total investment by Songbird in CWG is about £113million for buying an additional £54mn of share in CWG which will increase the share from 61% to about 68.9%. The CEO of Qatar Holding Ahmad al-Sayed has made his intentions clear in providing Songbird management full support in the investment by promoting a fund raising for the cause. The net sum that Qatar Holding is going to provide is £150mn, while China Investment Corporation (CIC) will deposit the rest.
Qatar Holding is emerging as a force to reckon in the real estate arena. The company has its investments in big corporations like London Stock, Barclays, J Sainsbury, Qatar Telecom, Qatar Exchange etc and their recent venture with Songbird Estates is yet another step towards their ever expanding business.
Songbird Estates has already increased its possession of Grade A desk space from 15 to about 30 office towers in Canary Wharf, which is of great value as Canary Wharf is regarded as a key business location in the city of London (click desk space London for info), and with Qatar Holding coming into play with full intent, the venture is meant to be beneficial for both parties.
