Shearman & Sterling advised Qatar Investment Authority ("QIA"), and an entity jointly controlled by QIA and Brookfield Property Partners LLP (“Bidco”), on the recommended cash offer for the entire issued share capital of Songbird Estates plc (“Songbird,” the “Songbird Offer”) at a price of 350p per share, valuing Songbird at an equity value of approximately £2.6 billion and an enterprise value of approximately £5.6 billion. The Songbird Offer was declared wholly unconditional on 5 February 2015. Songbird’s sole asset is 69.4% of the issued share capital of Canary Wharf Group plc. (“CWG”). CWG specializes in integrated property development, investment and management in Canary Wharf and other real estate in the City and central London.
Shearman & Sterling is also advising QIA and Bidco on the follow-on £4.1 billion mandatory cash offer for the entire issued share capital of CWG which is not already held by Songbird.