Commentaries
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Songbird deal backs Canary Wharf
Nomura’s decision to move its Lehman staff from Canary Wharf to the City earlier this summer seemed a victory for London’s historic financial centre over its upstart rival.
However, the astonishing terms Nomura secured, combined with a recent rescue fund-raising for Songbird Estates, owner of much of Canary Wharf, show that the Docklands estate retains its pulling power.
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Aviva avoids property bargain on its doorstep
Aviva Investors is the latest asset manager to consider a fund to take advantage of real estate downturn, according to recent reports. By coincidence, the UK insurer is already very familiar with some of the property that may come to market as a result of the credit crunch.
The City of London office building St. Helen’s, where the UK insurer has its headquarters, was used as collateral by the property’s owner, Simon Halabi, for a commercial mortgage-backed security sold three years ago at the height of the credit boom.
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The Wall
