Search
 

Canary Wharf Shareholders Approve $2B Sale

LONDON-Canary Wharf shareholders have voted to approve the sale of two of the company's crown jewels in order to cut debt and make the company more attractive to a purchaser. One of Britain's biggest-ever property investment deals will now go ahead.

By Graham Parker | Updated on December 23, 2003

LONDON-Canary Wharf shareholders yesterday voted to approve the £1.1 billion ($2 billion) sale of two office towers at the East London office complex. The resolution to approve the disposal of 5 Canada Square and 25 Canada Square to Royal Bank of Scotland was passed despite the opposition of two powerful shareholders.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.