Brookfield and joint venture partner Qatar Investment Authority today completed the acquisition of Canary Wharf Group, buying Songbird Estates plc for £2.6billion as well as scooping up other share capital.
It is expected that Songbird’s shares will cease to trade on London’s AIM market on Wednesday.
Ric Clark, CEO of Brookfield Property Group, said: “We are extremely pleased to have completed the acquisition. Canary Wharf remains one of the most treasured property estates in the world.
“With the transaction now concluded, we look forward to working with QIA and the Canary Wharf Group management team to advance the substantial development pipeline and to realise the full potential of the site for our tenants, stakeholders and the people of London.”
Sheikh Abdulla bin Mohammed Al Thani, CEO of QIA, said: “We look forward to [supporting] the management’s strategy of pursuing further expansion through the creation of a sustainable, mixed development comprising offices, homes as well as retail and leisure space.”
The partnership had originally made a £2.2billion offer in December which was rejected. The higher offer came back a few weeks later in January and Songbird dropped its opposition.