Joint venture between Qatar Investment Authority and Brookfield Property Partners gets agreements to buy more shares
Qatar Investment Authority and partners Brookfield Property Partners have got agreements to buy 6% of the shares in Canary Wharf owner Songbird Estates following an increase in their takeover offer last week.
The firms tabled an offer for all the shares in Songbird last week which valued the company at £2.6bn.
That offer was criticised by Songbird management because it believed it “did not reflect the full value of the company, its unique position and future growth potential”.
It was the second bid Qatar Investment Authority and Brookfield had tabled for the firm after their first bid was rejected last month.
This morning the Qatar Investment Authority announced that it and Brookfield had received agreements from two sets of investors to sell them 28% of the free float of Songbird, approximately 6% of the total share capital.
Investor group Madison will sell the joint venture 18,627,054 shares for £3.50 each, representing around 2.5% of its issued ordinary share capital.
This combined with previously announced deal with Third Avenue Management for 3.5% of the shares means it now has agreements to buy 6% of the company’s shares.
Qatar Investment Authority already owns 28% of Songbird Estates.