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Qataris Make Move On Canary Wharf's £6Bn Estate

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The joint bid by Qatar and Canada’s Brookfield to win control of Canary Wharf is close to collapse, the Independent understands.

The Qatar Investment Authority (QIA) and Brookfield made a low-ball 295p a share £2.2bn approach to win full control of Songbird Estates earlier this month, which was quickly rejected.

Qatar already owns 28.6 per cent of Songbird, itself a 69 per cent shareholder in developer Canary Wharf Group, but has until next Thursday to make a firm offer.

Songbird claimed its value had swollen by almost £500m in just five months - giving it a net asset value of 381p a share - following a booming London property market, planning permission for its Wood Wharf development and major lettings to banks such as Societe Generale.

You can't fail with bricks and mortar.

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