Canary Wharf Group (CWG) owners Brookfield and the Qatar Investment Authority (QIA) are investing £400m (€462m) to help reposition and expand the UK commercial and residential property business.
Brookfield and QIA are committing £300m of equity and a £100m revolving credit facility to CWG which is responsible for the regeneration of 128 acres of the once-derelict Docklands district of East London.
CWG develops, manages and owns interests in approximately 8m sqft of office space, 1.1m sqft of retail and over 2,200 apartments.
The companies said the capital will be used to complete the ”strategic repositioning of Canary Wharf and build out additional residential and life sciences projects on the estate”.
Shobi Khan, CEO, CWG, said: “This investment underscores confidence in our business plan and the ongoing strategic repositioning of Canary Wharf.
”We have transformed the estate into a thriving, sustainable mixed-use neighbourhood with award-winning homes, an abundance of amenities and parks, a strong and unique retail offer, and a diverse office portfolio with an expanding life sciences offer. We are confident of the opportunities ahead.”
Brian Kingston, CEO, Brookfield’s real estate arm, said: “Canary Wharf continues to evolve into a vibrant and diverse estate well-positioned to meet the needs of the future.
”As a long-term, patient investor with flexible balance sheet capital and half a century of transitioning mixed-use assets into iconic urban districts, we are pleased to continue to support CWG on its journey alongside our partners, and believe the estate holds significant long-term value creation potential.”
To read the latest IPE Real Assets magazine click here.