Qatar Fund Acquires HSBC’s London Base From Korean Pension FundPatrick Gower
Qatar Investment Authority, the sovereign-wealth fund seeking to gain control of London’s Canary Wharf financial district, bought the headquarters of HSBC Holdings Plc from the National Pension Service of Korea.
JPMorgan Chase & Co., which advised NPS, announced the sale of 8 Canada Square in Canary Wharf in a statement yesterday without giving the price. Qatar paid about 1.2 billion pounds ($1.9 billion), according to a person with knowledge of the deal who asked not to be identified because the information is private.
Qatar and its partner, Brookfield Property Partners LP, are seeking to buy Songbird Estates Plc, which owns 69 percent of Canary Wharf Group Plc and controls the estate. Songbird said on Dec. 5 that Qatar’s 350-pence-a-share bid doesn’t reflect the company’s value.
A spokesman for Qatar Investment Authority declined to comment on the price paid for the building on Canada Square.
The Wall Street Journal reported the price yesterday.