Songbird Estates says it's worth more than £2.8bn takeover offer

Songbird Estates said that an improvement in the conditions of property markets means it is now worth £2.82bn, more than the sum offered by the Qatar Investment Authority (QIA) and Brookfield Property Partners (BPP).

On 7 November, the firm, the majority owner of London’s Canary Wharf business district, received an initial approach from QIA and BPP that valued the group at £2.18bn, or 295p per share.

Songbird, in which QIA already has a 28.6% stake, said developments in its Canary Wharf Estate and an upward trend in the London property market had seen the firm’s adjusted net asset value rise 19.2% since 30 June to 381p a share on 27 November.

The group said it had not yet received further proposals from QIA and BBP.

Songbird shares were down 1.29% to 345.50p at 11:29 on Friday.