Canary Wharf Group owners Songbird Estates have rejected a joint takeover bid from Qatar Investment Authority and Brookfield Property Partners.
In a statement to the City, the board said the offer of 295 pence per share in cash “materially undervalued” the company and said it had “unanimously” rejected the proposal.
Songbird independent chairman David Pritchard said: “This proposal significantly undervalues Songbird and does not reflect the inherent value of the business and its underlying assets.
“The group has an exceptional management team with a clear vision to deliver additional shareholder value, including from our 11m sq ft development pipeline – the largest in London.”
QIA already owns 28.6 per cent of Songbird and Brookfield has a 22 per cent stake in the Canary Wharf Group.
QIA also owns the Shard, Harrods and Chelsea Barracks.
The announcement was made with the consent of QIA and Brookfield.
It is unknown whether a further offer will be made at present.