Booming market boosts Canary Wharf owner

28th March 2014

Songbird Estates, which owns offices and shops in London’s Docklands, has reported that profits soared from £201.5m in 2012 to just over £1bn in 2013.

The value of the firm’s property portfolio rose by 14.9% to more than £6.5bn. Songbird’s most valuable property is the £820m One Churchill Place, tenanted by Barclays. The group says it is confident about the immediate prospects for the London real estate market. Songbird added that it was pressing ahead with its first residential development – a 58-storey building dubbed the Diamond Tower – as it looks to take advantage of the rising demand for homes in London. Full construction for the Newfoundland residential block is anticipated to start in mid-2014, subject to Songbird concluding a Section 106 agreement.

Source:   Daily Mail (28/03/2014)