Advertisement
Singapore markets close in 1 hour 30 minutes

  • Straits Times Index

    3,277.90
    -9.85 (-0.30%)
     

  • Nikkei

    37,934.76
    +306.28 (+0.81%)
     

  • Hang Seng

    17,647.27
    +362.73 (+2.10%)
     

  • FTSE 100

    8,130.52
    +51.66 (+0.64%)
     

  • Bitcoin USD

    64,489.97
    +224.82 (+0.35%)
     

  • CMC Crypto 200

    1,387.08
    -9.46 (-0.68%)
     

  • S&P 500

    5,048.42
    -23.21 (-0.46%)
     

  • Dow

    38,085.80
    -375.12 (-0.98%)
     

  • Nasdaq

    15,611.76
    -100.99 (-0.64%)
     

  • Gold

    2,354.00
    +11.50 (+0.49%)
     

  • Crude Oil

    84.14
    +0.57 (+0.68%)
     

  • 10-Yr Bond

    4.7060
    +0.0540 (+1.16%)
     

  • FTSE Bursa Malaysia

    1,574.34
    +5.09 (+0.32%)
     

  • Jakarta Composite Index

    7,104.43
    -50.87 (-0.71%)
     

  • PSE Index

    6,628.75
    +53.87 (+0.82%)
     

Songbird Estates says worth 2.82 billion pounds, more than takeover offer

Reuters
The Canary Wharf financial district is seen at dusk in east London November 7, 2014. REUTERS/Toby Melville

LONDON (Reuters) - Songbird Estates, the majority owner of London's Canary Wharf, said an upturn in property markets means it is now worth 2.82 billion pounds, more than the takeover offer from Qatar Investment Authority (QIA) and Brookfield Property Partners.

The company, in which QIA already has a 28.6 percent stake, rejected an initial approach on Nov. 7 from QIA and Brookfield that valued the business at 2.18 billion pounds, or 295 pence per share, saying it undervalued the group.

Improvement in the London property investment market and developments in its Canary Wharf Estate had helped Songbird's adjusted net asset value (NAV) to rise by 19.2 percent since June 30 to 381 pence a share at Nov. 27, it said on Friday.

Songbird added that it has held discussions with QIA and Brookfield Property Partners on a takeover but has received no further proposals.

(Reporting by Freya Berry; Editing by David Goodman)