Brookfield and QIA Invest £400 Million in Canary Wharf Group
Posted on 10/26/2023
Canary Wharf Group is the developer of the largest urban regeneration project in Europe. Brookfield Asset Management and the Qatar Investment Authority (QIA) are shareholders in Canary Wharf Group. Brookfield and the Qatar Investment Authority have committed £400 million to Canary Wharf Group by way of a £300 million equity subscription and a £100 million revolving credit facility. The proceeds will be used to complete the strategic repositioning of Canary Wharf and build out additional residential and life sciences projects on the estate. It follows the successful £309 million refinancing of the Newfoundland residential property in March 2023.
Canary Wharf Group owns a portfolio comprising 33 properties, with 3,500 people living at Canary Wharf and over 54 million visitors in 2022. As of June 30, 2023, Canary Wharf Group Investment Holdings plc had £3.3 billion of net assets, £312 million cash on balance sheet as well as available and undrawn commitments of £130 million in revolving credit facilities with its relationship banks.
The shareholders have committed £300 million in the form of equity to Canary Wharf Group Investment Holdings plc.
In addition, CWGIH has access to a £100 million revolving credit facility provided by its ultimate shareholders and made available to Stork Holdings Limited (SHL) and all of SHL’s subsidiaries. SHL is the direct shareholder of, inter alia, Canary Wharf Group Investment Holdings plc.
