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Brookfield completes £2.6bn Canary Wharf takeover

Brookfield Property Partners and the Qatar Investment Authority have completed their £2.6bn takeover of Canary Wharf Group.

The joint venture acquired the developer through its purchase of Songbird Estates, which was formally accepted in January.

It also acquired the CWG shares not previously owned by Songbird.

Following the completion of the deal, the new owners committed to continue with CWG’s substantial pipeline of developments.

Brookfield chief executive Ric Clark said: “We are extremely pleased to have completed the acquisition of Songbird and through it, Canary Wharf Group, with our joint venture partner, QIA.

“Canary Wharf remains one of the most treasured property estates in the world.

“With the transaction now concluded, we look forward to working with QIA and the Canary Wharf Group management team to advance the substantial development pipeline and to realise the full potential of the site for our tenants, stakeholders and the people of London.”

The completion of the deal follows months of negotiations over the future of CWG.

The buyers had two earlier offers for the group rejected, with the Songbird board insisting that the bids had undervalued the company.

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