Songbird gains Qatar as its biggest shareholder
QATAR Holding, the investment arm of Qatar’s sovereign wealth fund, has become the largest shareholder in Songbird Estates, owner of much of London’s Canary Wharf business hub.
AIM-listed firm Songbird has confirmed plans for a £620m placing, an open offer of shares at one penny each and a £275m preference share placing, the latter with Qatar Holding and China Investment Fullbloom Investment.
Qatar Holding said it had taken up its right to 24 per cent of ordinary shares issued, in addition to its subscription to preference shares and participation in a £135m credit facility that it will provide together with other key Songbird shareholders including CIC and Morgan Stanley Real Estate Funds.
“As a result, Qatar Holding has emerged as the largest investor in Songbird Estates with total investment exceeding 350m”, the firm said.