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Shell Centre to be Redeveloped by Canary Wharf Group and Qatari Diar

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The press release states, “Canary Wharf Group plc (“Canary Wharf Group”) and Qatari Diar Real Estate Investment Company (“Qatari Diar”) have today concluded an agreement with Shell International (‘Shell’) to redevelop the Shell Centre site at South Bank, in the heart of London.

Canary Wharf Group and Qatari Diar have entered into a 50:50 joint venture, contributing £150m each to secure the 5.25 acre site on a 999 year lease. The Canary Wharf Group £150m element of the consideration is being satisfied from existing corporate resources. The aggregate £300m payment for the site is conditional on planning permission being received for the project within three years. Canary Wharf Group will act as the Construction Manager for the project and will also be Joint Development manager with Qatari Diar. For these roles, fees will be generated for the transaction and apportioned between the parties based upon their broad level of contribution.
Discussions will now commence with local planning authorities and relevant stakeholders to establish planning consent, detailed designs and a timetable for construction for a project that will re-energise an important section of the South Bank.

The development will be mixed use, comprising office, retail and residential space. The well known 1950s, 27 storey tower in the middle of the Shell Centre will be preserved and retained by Shell. Shell will also take a 210,000 sq. ft. pre-let of one of the new office buildings to be constructed on the site.

George Iacobescu CBE, Chairman and Chief Executive of Canary Wharf Group plc said: “The South Bank is one of London’s best loved places. It is both a privilege and a great responsibility to be involved in this redevelopment project which will re-energise a key part of this area of London. We look forward to working with our partner Qatari Diar, the local community and with Shell to enhance the London economy and the vibrancy of the South Bank.”

Commenting on the agreement Mohammed bin Ali Al Hedfa, Group CEO of Qatari Diar said: “Qatari Diar is delighted to have signed this agreement with Shell. We look forward to working with our partners at Canary Wharf Group and the local community to redevelop this iconic location. When Qatari Diar begin any new project we are entering into a long-lasting commitment with our partners and the wider community to leave a positive cultural, environmental and sustainable footprint.””

Read more: Press Release

QIA Becomes the Largest Shareholder in Colonial

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The Qatar Investment Authority (QIA) became the biggest shareholder of Inmobiliaria Colonial, SOCIMI, S.A. (Colonial), a Spanish listed real estate company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mumtalakat Discloses Investment in Khairat Bahrain

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Bahrain Mumtalakat Holding Company disclosed an investment in Sudan called Khairat Bahrain. This is an agricultural investment in Sudan. The food and agriculture sector is key investment sector for many Gulf-based state investors. Khairat Bahrain is located in the world’s richest expanse of groundwater (the Nubian Sandstone Basin) occupying an area of approximately 100,000 feddans (400 square kilometers). The Nubian Sandstone Aquifer System is the world’s largest known fossil water aquifer system.

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Temasek Acquires Cybersecurity Firm Sygnia

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Singapore’s Temasek Holdings agreed to acquire Sygnia, Inc., an Israeli cybersecurity technology and services provider. Unverified estimates of the deal amount are around US$ 250 million. Sygnia runs out of Tel Aviv, but has an office in New York. Sygnia assists companies respond to cyber threats.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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