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Qatar Holding increases commitment to Canary Wharf owner Songbird Estates
- Qatar: Saturday, September 19 - 2009 at 16:00
- PRESS RELEASE
Following its previous statement on 28 August of its intention to become the largest shareholder in Songbird Estates, Qatar Holding announces that it is further increasing its commitment to the property company.
As part of its increased commitment, Qatar Holding intends to enlarge its investment in the planned share issue by Songbird Estates. In addition Qatar Holding will be a leading participant in providing a new debt facility to help fund the purchase by Songbird Estates of the additional shares in Canary Wharf Group. Qatar Holding will also be the lead participant in the previously announced £275m preference share issue by providing £150m.
Ahmad Al-Sayed, Chief Executive Officer of Qatar Holding, said, "We fully support the management of Songbird in undertaking this transaction, which we believe is a good opportunity to create value for all Songbird shareholders. We are therefore increasing our participation in the planned fund-raising to ensure its successful completion."
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Notes and media contacts
About Qatar Holding LLC:Qatar Holding LLC is established as the strategic and direct investment arm of Qatar Investment Authority. With the vision of becoming a world class investment corporation and the preferred partner of choice for investors, financiers and other stakeholders; it is envisaged that the already significant investment portfolio of Qatar Holding will continue to grow. Key investment assets of Qatar Holding include Barclays plc, Credit Suisse Group, J Sainsbury plc, Qatar Exchange, Qatar Telecom, Qatar National Bank, London Stock Exchange and Lagardere SCA.
About Canary Wharf:
The Canary Wharf estate extends to over 97 acres. Approximately 14.1 million square feet of office and retail space has been constructed to date. Canary Wharf Group owns over 7 million square feet of this space. The first tenants moved into Canary Wharf in August 1991 and now over 90,000 people work there.
Currently the development comprises over 30 completed buildings and over 200 shops, bars and restaurants within four retail malls. It also has a conference and banqueting centre, two Dockland Light Railway stations, a Jubilee Line station, car parks and approximately 20 acres of landscaped open spaces. Canary Wharf Group is a distinctive, integrated property development and investment group focused exclusively on Grade A office space and high quality retail facilities at the Canary Wharf Estate, a major development which is part of the Central London Office Market.
Over the last ten years the Group has constructed more new office space in London than any other property group.
For further information, contact:
Citigate Dewe Rogerson:
David Westover / Grant Ringshaw / Angharad Couch
Tel: +44 207 638 9571 (London office)
Citigate Dewe Rogerson:
Seb Hoyle
Tel: +974 452 8335 (Doha office)
Media contact:
Angharad Couch
Associate Director
Citigate Dewe Rogerson
3 London Wall Buildings
London Wall EC2M 5SY
Direct: +44 (0) 20 7282 2941
Tel: +44 (0) 20 7638 9571
Fax: +44 (0) 20 7282 2814
***
This announcement is for information purposes only and does not constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell, otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, any security in the capital of the Company in any jurisdiction.
This announcement is an advertisement and does not constitute a prospectus. Nothing in this announcement should be interpreted as a term or condition of any offer of securities. Any decision to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities in the Company must be made only on the basis of the information contained in and incorporated by reference into the prospectus to be prepared by the Company.
This announcement and any materials distributed in connection with this announcement are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation which would require any registration or licensing within such jurisdiction.
This announcement does not constitute an offer to purchase, or the solicitation of an offer to purchase, any securities of the Company in the United States or in any other jurisdiction in which such an offer or solicitation is unlawful. The offer of securities referred to in this announcement has not been, and will not be, registered under the United States Securities Act of 1933, as amended. The Company's shares may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offering of the Company's shares in the United States.
The distribution of this announcement and the offering or sale of the Company's shares in certain jurisdictions may be restricted by law. No action has been taken by the Company, Qatar Holdings, or any of their respective advisers or affiliates, or any other person that would permit an offer of the shares or possession or distribution of this announcement or any other offering or publicity material relating to the shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.
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