Canary Wharf Group

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Canary Wharf Group plc
Type Public limited company
Industry Property
Founded 1993 (London)
Headquarters London, United Kingdom
Key people Sir George Iacobescu CBE
(Chairman and CEO)
Services Property development
Net income £369.6m (ending 2008)
Website www.canarywharf.com
HSBC World Headquarters and One Canada Square, viewed from the western end of West India Quay

Canary Wharf Group plc is a British property company headquartered in London, England. It is the owner and developer of nearly 100 acres (0.40 km2) of property at Canary Wharf in London. Over the last 10 years it has constructed more office space in London than any other developer.[1] The group owns 7,900,000 square feet (730,000 m2) of property which is worth £4.9 billion, of which 95.6% was let as of 30 June 2012.[2]

History[edit]

The company was formed in 1993 as Canary Wharf Limited to acquire the former assets of Olympia and York from its Administrator.[3]

In December 1995, the company was acquired by an international consortium, including Olympia and York founder Paul Reichmann.[4]

In April 1999, the company floated on the London Stock Exchange.[5]

In 2004, a majority of the company was acquired by Glick Family Investments and Morgan Stanley[6] using an investment vehicle company called Songbird Acquisitions,[7] which was later taken over by China Investment Corporation.[8]

Structure[edit]

The group owns Canary Wharf Contractors, a business which has built most of the buildings at Canary Wharf.[9]

Relationship with TfL[edit]

Several large transport projects have been constructed which link to Canary Wharf, including the Jubilee Line Extension and Crossrail.

The Canary Wharf Group agreed to pay £500m over 24 years[10] towards the £3.5bn cost of the Jubilee Line extension. The actual payments was reduced by at least £25m[11] because the line wasn't able to run at the capacity agreed, mostly due to the collapse of Metronet.

The links between Canary Wharf Group and Transport for London remain strong, with Canary Wharf's Finance Director Peter Anderson on the board of TfL and chairing its finance and policy committee.[12]

In 2014, the Canary Wharf Group campaigned against "Crossrail for bikes": two segregated cycle tracks in central London. The Group anonymously distributed a briefing paper claiming the project would be "extremely damaging to London".[13]

Property portfolio[edit]

Notable property addresses are:

Property address Sq ft Leased (2008) Value (2008)
One Canada Square 1,236,200 99% £688m
25–30 Bank Street 1,023,300 99% £410m
One Churchill Place 1,014,400 100% £630m
10 Upper Bank Street 1,000,400 100% £645m
All others 3,620,500 99% £2,110m

See also[edit]

References[edit]

  1. ^ Canary Wharf Group website: Investor Relations
  2. ^ Canary Wharf Group website: Company Overview
  3. ^ Canary Wharf Group website: History[dead link]
  4. ^ "About Us: 1995". Canary Wharf Group. Archived from the original on 4 May 2013. 
  5. ^ "About Us: 1999". Canary Wharf Group. Archived from the original on 27 June 2014. 
  6. ^ "U.K.'s Canary Wharf Agrees To Morgan Stanley-Glick Bid". Wall Street Journal. 5 December 2003. 
  7. ^ McDonough, Tony. "Investment floods into UK; Overseas buyers put billions into property". Daily Post. Liverpool. Retrieved 22 October 2014. 
  8. ^ Ruddick, Graham (28 August 2009). "China invests in Canary Wharf with £880m bail-out of Songbird". The Telegraph (London). Retrieved 22 October 2014. 
  9. ^ Canary Wharf Contractors on Emporis database
  10. ^ Glover, John (2010). London's Underground (11th ed.). Ian Allen Publishing. p. 131. ISBN 9780711034297. 
  11. ^ Sam-Daliri, Nadia (27 January 2012). "TfL pays £25m to Canary Wharf Group for Jubilee Line failures". The Docklands & East London Advertiser. Retrieved 22 October 2014. 
  12. ^ Hill, Dave (15 October 2014). "Cycle superhighways row: wheels within wheels". The Guardian (Manchester). Retrieved 22 October 2014. 
  13. ^ Walker, Peter (10 October 2014). "Cyclists v lobbyists: gloves are off in the battle for London’s cycle lanes". The Guardian (Manchester). Retrieved 22 October 2014. 

External links[edit]