Results tagged “Songbird Estates”

JP Morgan's purchase of 25 Bank Street has helped Songbird Estates record increased profits for the last financial year.

Songbird, owners Canary Wharf Group, saw a group profit after tax of £420.3million - up from £202.4m last year. In the results, announced on Friday morning, it also revealed plans to further invest in central London projects.

Songbird Estates, the owners of Canary Wharf, have reported a fall in profits for the first half of this year.

The company announced its interim results this morning, and reported a profit before tax of £13.1million, down by £89.7million on the same period last year.

Songbird Estates is looking to the future with confidence after seeing income levels rise during 2009.

The majority owners of Canary Wharf published its end of year accounts this morning, revealing a 7.6 per cent rise in it portfolio value, to £5billion, since June and a 10.7 per cent increase in its full-year rental income to £318.4million.

Canary Wharf Group has filed a claim against bankrupt financial giant Lehman Brothers for $4.28billion in rent and charges.

The claim was filed this month with Epiq Bankruptcy Solutions in the US, and includes $2.63billion in rent, $711.3million in rates, and $552.6 in dilapidations.

Long leaseholders want a public inquiry into the bid to kick them off land at Heron Quays.

Leeside International and Michael John Hunt have written to the Secretary of State for Communities and Local Government, claiming the move is "premature" and could "jeopardise" jobs in the area.

Canary Wharf Group's parent company Songbird has posted a £1.82billion pre-tax loss for the year.

The estate landlord - which has been hit by falling property prices in recent months - warned there is a material risk of breaching financial covenants over the next 12 months.