The listed property magnate responsible for London’s Canary Wharf Group, Songbird Estates, has revealed that its shopping centers have reached a record £1bn during the first half of this year.
The company is going ahead with a new mall to be placed above the planned Crossrail station.
It is building an 115000ft² of retail space above the new Canary Wharf Crossrail station. It is due to launch during May but has already secured 90% of lettings. The location will open three years later.
Songbird’s portfolio increased in value to £6.3bn through the first half to June 30, helped by the recent extensions to Jubilee Place shopping center.
The company’s net asset value per share raised by 10%, to £3.19, compared to £2.90 at the end of December 2013.
Canary Wharf is attempting to get rid of its office district image by the introduction of more leisure and retail offerings to attract weekend crowds. It is also entering the residential market with a planned 3100 homes to be built on the east side of the estate, Wood Wharf.
This period has marked the company’s entry into development and building. The group has seen continued international investment demand after it sold 10 Upper Bank Street to China Life for £795m during June.
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