Canary Wharf Group
Encyclopedia
Canary Wharf
Canary Wharf is a major business district located in London, United Kingdom. It is one of London's two main financial centres, alongside the traditional City of London, and contains many of the UK's tallest buildings, including the second-tallest , One Canada Square...
in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
. It is notable because over the last 10 years it has constructed more office space in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
than any other developer. The group owns 7900000 square feet (733,934 m²) of property which is worth £4.9 billion, of which 99% is let (in 2008).
History
The company was formed in 1993 as Canary Wharf Limited to acquire the former assets of Olympia and YorkOlympia and York
Olympia & York was once a major international property development firm based in Canada. The firm built major financial office complexes like Canary Wharf in London, the World Financial Center in New York City and First Canadian Place in Toronto...
from its Administrator.
In 1995, the company was acquired by an international consortium led by Paul Reichmann
Paul Reichmann
Paul Reichmann is a Canadian businessman best known for his leadership of the Olympia & York a real estate development company.-Formative years:Reichmann was born in Vienna in 1930 to Samuel Reichmann, a wealthy egg merchant and his wife René...
and others.
In 1999, the company floated on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
.
In 2004, a majority of the company was acquired by Songbird Acquisitions Limited, itself led by Glick Family Investments and Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
. It is currently listed on the Alternative Investment Market
Alternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market....
.
Structure
The group owns Canary Wharf Contractors, a business which has built most of the buildings at Canary WharfCanary Wharf
Canary Wharf is a major business district located in London, United Kingdom. It is one of London's two main financial centres, alongside the traditional City of London, and contains many of the UK's tallest buildings, including the second-tallest , One Canada Square...
.
Property portfolio
Notable property addresses are:| Property address | Sq ft | Leased (2008) | Value (2008) |
|---|---|---|---|
| One Canada Square One Canada Square One Canada Square is a skyscraper in Canary Wharf in the London Borough of Tower Hamlets. It is the tallest completed building in the United Kingdom since 1991, standing at above ground level and containing 50 storeys... |
1,236,200 | 99% | £688m |
| 25-30 Bank Street 25 Bank Street 25 Bank Street is an office tower in the Canary Wharf business district of London. It was developed in 2001-2003 by Canary Wharf Group as one of five new buildings on its Heron Quays site... |
1,023,300 | 99% | £410m |
| One Churchill Place One Churchill Place One Churchill Place is a 156 m tall skyscraper with 32 floors, serving as the headquarters of Barclays Bank. It is in the Docklands area of London in Canary Wharf... |
1,014,400 | 100% | £630m |
| 10 Upper Bank Street 10 Upper Bank Street 10 Upper Bank Street is a skyscraper in Canary Wharf, Docklands, London.It was designed by the architectural firm of Kohn Pedersen Fox and built by Canary Wharf Contractors.The 32 storey building was completed in 2003 and is 151 meters tall... |
1,000,400 | 100% | £645m |
| All others | 3,620,500 | 99% | £2,110m |