Qatar Holding, the investment arm of Qatar's sovereign wealth fund, said on Saturday it had become the largest shareholder in Songbird Estates, owner of much of London's Canary Wharf business hub. AIM-listed firm Songbird has confirmed plans for a 620 million pound ($991.3 million) placing, an open offer of shares at one penny each and a 275 million pound preference share placing, the latter with Qatar Holding and China Investment Corp's (CIC) Fullbloom Investment Corp unit Qatar Holding said it had taken up its right to 24 percent of ordinary shares issued, in addition to its subscription to preference shares and participation in a 135 million pound credit facility that it will provide together with other key Songbird shareholders including CIC and Morgan Stanley Real Estate Funds. “The very positive response to the offering shows the improving sentiment toward UK commercial property in recent weeks as well as the attractiveness of this transaction,” Qatar Holding Managing Director and Chief Executive Ahmad Al-Sayed was quoted as saying in the statement.
