Canary Wharf owner sees shares rocket 21pc on results
Songbird Estates, the developer of Canary Wharf, has posted a pre-tax profit jump from £201.5m to £900.8m.
Shares leapt 13 per cent at the open this morning, and are now up an impressive per cent at 235p per share.
Underlying profits have dropped marginally to £22.4m, but the firm got a boost from surging London property prices, with the value of its portfolio up nearly 15 per cent last year, to £6.6bn.
Songbird’s most valuable property is the £820m One Churchill Place, tenanted by Barclays.
The group says it’s “confident about the immediate prospects for the London real estate market”, with its development pipeline “well positioned to take advantage of increasing demand and the prospect of a shortfall in supply of both prime commercial and residential space.”
The strong performance has bolstered Songbird’s decision to start work on a new building of up to 700,000 square feet on the eastern section of the Heron Quays West site.
It’ll also be working up a new residential development side to its business, offering homes for sale and rent, branching out from its tradition of commercial and retail expertise.
Source: Google