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Canary Wharf Leads $3B Shell Project List

LONDON-According to PropertyWeek.com, a venture of Canary Wharf Group and Qatar is leading a three-team pack to redevelop the Shell Centre site on the south bank of Thames River.

By Robert Carr | Updated on July 08, 2011

LONDON-Oil company Shell, based in the Netherlands, is reportedly favoring a development plan by Canary Wharf Group for a new office complex on the South Bank, likely to cost up to $3 billion. PropertyWeek.com speculated Thursday that Canary Wharf, with financial backing from the government of Qatar, is the favorite developer among three competing plans.

Shell already has a large office complex on the site, a 27-story tower called Shell Centre on Belvedere Road, along the south bank of the Thames River. The company has moved out thousands of employees from the tower to temporary offices in the nearby Canary Wharf district, as Shell contemplates starting the new complex project by 2014. The tower will remain for the new project, and will likely gain more office and multifamily towers.

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