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Canary Wharf Shareholders Invest £400m for ‘Strategic Repositioning’ Plans

Canary Wharf Shareholders Invest £400m for ‘Strategic Repositioning’ Plans
30 October 2023

Brookfield and the Qatar Investment Authority, which own Canary Wharf Group, have committed to invest £400 million to help complete “the strategic repositioning of Canary Wharf.”

This includes £300 million in equity and an additional £100 million revolving credit facility.

A statement from Canary Wharf Group (CWG) says that the money will be used to “build out additional residential and life sciences projects on the estate”. The company has plans to grow its current life sciences community, including a new building at their North Quay site, adjacent to the new Elizabeth Line at Canary Wharf.

CWG’s new focus on life sciences and residential projects is thought to be partly in response to high-profile tenants such as HSBC and Credit Suisse’s plans to leave the area.

Shobi Khan, CEO, CWG, said: “This investment underscores confidence in our business plan and the ongoing strategic repositioning of Canary Wharf. We have transformed the estate into a thriving, sustainable mixed-use neighbourhood with award-winning homes, an abundance of amenities and parks, a strong and unique retail offer, and a diverse office portfolio with an expanding life sciences offer. We are confident of the opportunities ahead.”

Brian Kingston, CEO, Brookfield Real Estate, added: “Canary Wharf continues to evolve into a vibrant and diverse estate well-positioned to meet the needs of the future. As a long-term, patient investor with flexible balance sheet capital and half a century of transitioning mixed-use assets into iconic urban districts, we are pleased to continue to support CWG on its journey alongside our partners, and believe the estate holds significant long-term value creation potential.”

Picture: a photograph of some buildings at Canary Wharf. Image Credit: Unsplash

Article written by Ella Tansley | Published 30 October 2023


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