Qatar Holding has announced that following the proposed equity issue and loan repayment by Songbird Estates, it intends to become the largest shareholder in the company.

Songbird Estates owns 60.8 per cent of Canary Wharf Group, a leading real estate investment and development company with over 7 million square feet of office and retail space.

Qatar Holding has agreed to fully participate in the offering to the extent of its 14.8 per cent holding, and to underwrite a further proportion of the offering to the extent not taken up by the other shareholders and in addition will also invest in preferred stock of the  company.

This transaction attests to Qatar Holding's confidence in existing management of the Songbird Estates, and the resilience and attractiveness of Canary Wharf's assets and its status as the prime financial destination in UK.

'This transaction represents an important step in our drive to build up a diversified portfolio globally of highest quality assets across a broad spectrum of asset classes,' said Ahmad Al-Sayed, chief executive officer of Qatar Holding.-TradeArabia News Service