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Canary Wharf's retail estate breaks 1 billion pound valuation
September 18, 2014 / 9:34 AM / 3 years ago

Canary Wharf's retail estate breaks 1 billion pound valuation

LONDON (Reuters) - Songbird Estates, the owner of London’s Canary Wharf, said the value of its retail property in the office development had topped 1 billion pounds for the first time.

A worker looks at his phone at the Canary Wharf business district in London February 26, 2014. REUTERS/Eddie Keogh

Company secretary John Garwood said the value of the group’s offices and shops rose 8.4 percent in the first half to 6.28 billion pounds.

“That included a very strong retail investment portfolio performance, which went up by 12.7 percent and for the first time hit the billion pound mark,” he said in an interview on Thursday.

“It was a fabulous performance from the retail assets.”

The group, which is developing residential property along with more office and retail space, posted underlying profit before tax of 18.9 million pounds for the six months to end-June, up from 10.2 million pounds a year ago.

Its shares were trading up 2.5 percent at 250 pence at 1010 BST.

Reporting by Paul Sandle; editing by James Davey

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