US Group Brookfield Property Partners and its joint venture partner, the Qatar Investment Authority (QIA), said on Monday that they have completed the acquisition of London's Canary Wharf Group.
US Group Brookfield Property Partners and its joint venture partner, the Qatar Investment Authority (QIA), said on Monday that they have completed the acquisition of London's Canary Wharf Group.
The takeover was carried out through the £2.6 bn (€3.6 bn) acquisition of Songbird Estates, the largest shareholder in Canary Wharf Group, as well as through the purchase of the share capital of Canary Wharf Group not owned by Songbird.
Brookfield and QIA launched a joint bid to take control of Canary Wharf Group in December 2014. Just over two months later, in early February 2015, the joint venture partners' 350 pence per share offer for Songbird became wholly unconditional.
As a result of the deal, Songbird's shares are expected to stop trading on 23 April.
Ric Clark, CEO of Brookfield Property Group, commented: 'Canary Wharf remains one of the most treasured property estates in the world. With the transaction now concluded, we look forward to working with QIA and the Canary Wharf Group management team to advance the substantial development pipeline and to realise the full potential of the site for our tenants, stakeholders and the people of London.'
