Qataris Set To Buy Canary Wharf - Newspaper

18th Jun 2010 09:06

LONDON (Dow Jones)--Qatar's sovereign wealth fund is set to take over Songbird PLC (SBD.LN), the listed owner of Canary Wharf, as the Gulf state steps up its London spending spree, reports U.K. newspaper The Times Friday. The Qatar Investment Authority, which already owns Harrods and stakes in Barclays PLC (BCS) and the London Stock Exchange PLC (LSE.LN), plans to spend more than GBP700 million to mop up the 76% of Songbird that it doesn't already own, The Times says, without citing its sources. The disclosure comes after the oil and gas-rich state added another landmark to its string of London trophies Thursday with the GBP250 million acquisition of Park House, a 310,000 sq ft property on Oxford Street. The Qataris have invested heavily in the U.K. since 2007 and are now estimated to hold U.K. assets worth as much as GBP10 billion, the report says, adding that a deal with Songbird, which owns 69% of Canary Wharf, would allow them to capitalize on the weak pound and an improving property market. Newspaper Web site: http://www.timesonline.co.uk -London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320 (END) Dow Jones Newswires June 18, 2010 04:06 ET (08:06 GMT)