Songbird gains Qatar as its biggest shareholder

QATAR Holding, the investment arm of Qatar&rsquo;s sovereign wealth fund, has become the largest shareholder in Songbird Estates, owner of much of London&rsquo;s Canary Wharf business hub.<br /><br />AIM-listed firm Songbird has confirmed plans for a &pound;620m placing, an open offer of shares at one penny each and a &pound;275m preference share placing, the latter with Qatar Holding and China Investment Fullbloom Investment.<br /><br />Qatar Holding said it had taken up its right to 24 per cent of ordinary shares issued, in addition to its subscription to preference shares and participation in a &pound;135m credit facility that it will provide together with other key Songbird shareholders including CIC and Morgan Stanley Real Estate Funds.<br /><br />&ldquo;As a result, Qatar Holding has emerged as the largest investor in Songbird Estates with total investment exceeding 350m&rdquo;, the firm said.