Canary Wharf to Receive an Amazing ￡400 Million of New Investment!

The Canary Wharf Group is set to invest ￡400m into the famous London development. Since the office district saw the number of workers decrease as companies cut back on office space due to hybrid working, there have been growing calls to reinvest and attract new residents and life sciences businesses.?

As a result, Brookfield and the Qatar Investment Authority have committed the ￡400m through a ￡300m equity subscription and a ￡100m revolving credit facility. Chief executive of Brookfield Real Estate, Brian Kingston said the firm was ‘pleased to continue to support’ Canary Wharf Group as it ‘continues to evolve into a vibrant and diverse estate’.??

The post-pandemic popularity of the hybrid work model has affected office life across the capital, and it was earlier this year that HSBC announced it would be moving its operations out of the 8 Canada Square skyscraper in 2027. However, 3,500 people currently live at Canary Wharf and it was able to attract 54 million visitors last year alone. Meanwhile, the group is letting in a range of residential buildings as opposed to the kind of skyscrapers traditionally used by the banks.?

Brian Kingston of Brookfield Real Estate went on to say, ‘As a long-term, patient investor with flexible balance sheet capital and half a century of transitioning mixed-use assets into iconic urban districts, we are pleased to continue to support CWG on its journey alongside our partners, and believe the estate holds significant long-term value creation potential.’??

Proof, if it were needed, that Canary Wharf has an innate ability to reinvent itself, from its history of importing sugar and rum back in the 1900s, fruit in the 1930s and its total transformation in the 1980s. Today, it’s a major cultural hub, with a great dining and cafe scene, plus the city’s largest outdoor art collection. Throw in 16 acres of green space and it’s not difficult to see why this London staple continues to go from strength to strength.????

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Sources: Canarywharf.com, The Telegraph?