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Qatar Makes Progress on $4B London Bid

Qatar Makes Progress on $4B London Bid

Songbird Estates, the majority owner of London's Canary Wharf, has reversed course and is expected to accept an offer by Qatar's sovereign wealth fund and Brookfield Property Partners to buy the financial complex. The group will drop roughly $4B on the East End properties, which it has sought to acquire since November.

The purchase will boost the Qatar Investment's Authority's cred as it expands its global real estate portfolio from assets that now total about $170B. If Songbird's three largest shareholders approves the deal, which the firm had recently urged them to reject, QIA and Brookfield will own 86% of the developer.