Canary Wharf owner Songbird Estates rejects Qatari takeover bid

The owner of London's Canary Wharf, Songbird Estates, has rejected a takeover bid by shareholder Qatar Investment Authority (QIA) and US investor Brookfield Property Partners.

Songbird said the 295p-per-share offer from the pair materially undervalued the company, in which QIA already has a 28.6% stake.

Songbird's chairman David Pritchard said: "This proposal significantly undervalues Songbird and does not reflect the inherent value of the business and its underlying assets. The group has an exceptional management team with a clear vision to deliver additional shareholder value, including from our 11m square foot development pipeline, the largest in London."

The group said on Thursday that it had received the approach, but said it needed more time to review it.

Songbird also owns part of the “Walkie Talkie” building in the City of London.

Qatar has a significant presence in the British capital, as it owns the Shard and in June became part owner of a building in the Canary Wharf area.

In the same month, a Qatari-backed plan to redevelop a central London site next to the Thames received the green light by the British government.