Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Songbird, the vehicle set up earlier this year to buy Canary Wharf, has confirmed that it has been approached and is considering the sale of one or two of its buildings. According to a newly released company statement, “The group is assessing whether to pursue selected limited sales or refinancings, which are consistent with the company’s objectives.

“These objectives include realizing value through sales and/or refinancings of certain buildings,” the statement continues. The move would be made while “controlling key aspects of the estate in order to maintain its integrity, to protect and enhance its future development program and to retain all or a material portion of the ownership of a core sub-group of buildings.”

The opportunistic bids are understood to have come from UK institutions, syndicates, listed companies, foreign groups, German funds and private companies. Although these offers are not for Canary Wharf’s five biggest towers, they involve hundreds of millions of pounds worth of property.

The Docklands estate is 67% owned by Songbird, a consortium that includes Morgan Stanley, private investor Simon Glick and Goldman Sachs’ Whitehall Fund. The other shareholders are Brascan, Franklin Mutual and Ontario Pension Fund.

The company has not disposed of any buildings since it went private, but Songbird made it clear at the time of the acquisition that it would dispose of “certain assets at the right time.” The company still owns 5 million sf of undeveloped land and has planning permission to develop more skyscrapers in the medium term.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.