Songbird Estates has started to see the silver lining in the dark cloud that hung over London. The majority owner of Canary Wharf Group is stepping up to purchase developments in London.
It intends on gaining benefit from a plausible financial resurrection.
It is important to note that the group has accrued £1bn in equity and debt last year and it managed to steady its finances in the previous year.
George Lacobescu, Chief Executive of Songbird Estates, envisages an improvement in rent in its Docklands estate. Shortage of office space is expected to have led to a rise in rental payments.
Lacobescu also declared that Cananry Wharf group also intends on exploring other opportunities in the city.
However, the Wharf group is reeling from the departure of the Lehman Brothers which was the company’s biggest leaseholder.
The estate group is permitted to draw down lost rentals and any deficit under a four-year rental guarantee provided by AIG. However, Canary Wharf has remained elusive about when it would claim this compensation.
Lacobescu has also forecast additional lease agreements in the coming year. He claimed that the Shell group is contemplating a short-term move to the Wharf while it refurbishes and renovates its headquarters near Waterloo.
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