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Monday, January 12, 2015

Canary Wharf owner tells investors to reject $4 billion Qatar takeover, (NYSE: BPY)

The owner of London's Canary Wharf financial district advised its investors to reject a Qatari-led $4 billion takeover bid on Monday, saying the offer undervalued the company and its prospects.Songbird Estates Plc said the 350 pence per share cash offer from Qatar Investment Authority (QIA) and U.S. investor Brookfield Property Partners LP did not reflect the value of its property of growth potential."The board remains unmoved in its view that the offer does not reflect the full value of the business, its unique operating platform and its prospects," said David Pritchard, the independent chairman of Songbird.Canary Wharf was established about 25 years ago on former docks in London's East End and is in a Songbird portfolio that includes part ownership of the landmark "Walkie Talkie" skyscraper in the City, London's traditional business area.

Brookfield Property Partners L.P. is a commercial real estate owner, operator and investor operating globally. Shares of BPY fell by 0.08% or $-0.02/share to $23.73. In the past year, the shares have traded as low as $18.19 and as high as $23.94. On average, 213529 shares of BPY exchange hands on a given day and today's volume is recorded at 14936.