Posted on 08/28/2009 7:36:31 PM PDT by NormsRevenge
LONDON (AFP) – China?s state sovereign wealth fund has bailed out the heavily indebted majority owner of London's Canary Wharf, according to the real estate development's owner.
The Financial Times reported that the move by China Investment Corporation (CIC) was its first big investment in Britain.
The owners of Canary Wharf, Songbird Estates, said in a statement that CIC would form a consortium with Qatar Holding, the Qatari sovereign wealth fund, and a number of existing investors, to provide more than 800 million pounds in new equity.
The money is needed to pay 880 million pounds that Songbird owes to US bank Citigroup.
David Pritchard, the chairman of Songbird, said the deal had saved Songbird from bankruptcy.
(Excerpt) Read more at news.yahoo.com ...
An aerial view of the Canary Wharf business district in eastern London. China?s state sovereign wealth fund, China Investment Corporation, has bailed out the heavily indebted majority owner of London's Canary Wharf, according to the real estate development's owner, Songbird Estates. (AFP/File/Leon Neal)
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