The vote was far from unanimous, with 69.4% voting for the sale and 30.6% against. The 'no' lobby had been led by Paul Reichmann, Canary Wharf's founder and former chairman, and the Canadian Brascan Corp., both of which are trying to raise support for separate bids to take over the company.
Canary Wharf directors have recommended acceptance of a bid from Morgan Stanley, and the sale of the two office towers had been a condition of Morgan Stanley's offer. The two properties are Citigroup's European headquarters at 25 Canada Square, totalling 1.2 million sf and leased to Citigroup at £44.9 million ($79 million) per annum and 5 Canada Square, totalling 515,080 sf leased to Credit Suisse First Boston at £19.7 million ($35 million) per annum.
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