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Songbird ‘worth £2.8bn’ after rejecting Qatari takeover bid

After rejecting a takeover bid from the Qatar Investment Authority, Canary Wharf Group owner Songbird Estates has estimated it should now be worth £2.8bn on a net asset value basis.

This represented a 19.2 per cent increase in its reported adjusted NAV from 319 pence per share at 30 June 2014, to 381 pence per share at 27 November.

QIA made an offer of 295 pence per share at the beginning of November, which Songbird said “materially undervalued” the business, and rejected the proposal.

In a statement this morning, Songbird independent chairman David Pritchard said the growth in the business reflected a continued uplift in the London investment property market and “significant progress” on asset management on its estate.

“This includes the completion of 25 Churchill Place, excellent progress on the Crossrail retail development and the pre-let of 280,000 sq ft to Societe Generale at 1 Bank Street,” he said.

He added that the estimated value did not include future development profits such as the benefits of Crossrail when it opens in 2018.

“We are confident that our first-rate management team, who drive our asset management initiatives and development projects from start to finish, are well-placed to capitalise on the strong London property market, including opportunities to expand our pipeline even further, to create significant additional value for all of our shareholders.”

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