London’s Songbird says property markets now worth $4.42b, more than takeover offer from QIA, BPY.N

LONDON: London’s Canary Wharf Songbird Estates (SBDE.L) said an improvement in property markets means it is now worth 2.82 billion pounds ($4.42 billion), more than the takeover offer from Qatar Investment Authority (QIA) and Brookfield Property Partners (BPY.N).

QIA already has a 28.6 percent stake in a company and that rejected an initial approach on Nov. 7 from QIA and Brookfield that valued the business at 2.18 billion pounds, or 295 pence per share, saying it undervalued the group.

You might also like

Markets, oil drop in Asia but bitcoin edges towards $50,000

12/02/2021

Asia markets slip as dealers take breath in holiday-thinned trade

11/02/2021

On Friday Improvement in the London property investment market and developments in its Canary Wharf Estate had helped Songbird’s adjusted net asset value (NAV) to raise by 19.2 percent since June 30 to 381 pence a share at Nov. 27.

Further Songbird added that it has held discussions with QIA and Brookfield Property Partners on a takeover but has received no further proposals