Canary Wharf Group

{{Infobox company

| name = Canary Wharf Group plc

| logo = Canary Wharf Group logo.png

| image = Canary Wharf HSBC.jpg

| image_size = 250px

| image_caption = HSBC World Headquarters and One Canada Square, viewed from the western end of West India Quay

| type = Public limited company

| foundation = {{Start date and age|1993}}

| location_city = London

| location_country = United Kingdom

| locations =

| key_people = {{unbulleted list |Nigel Wilson (chairman) |Shobi Khan (CEO)}}

| area_served =

| industry = Real estate

| products =

| services = Real estate development

| revenue =

| operating_income =

| net_income = £369.6 million (ending 2008)

| num_employees =

| divisions =

| subsid =

| caption =

| homepage = {{URL|http://group.canarywharf.com}}

| intl =

}}

Canary Wharf Group plc is a British property company headquartered in London, England. It is the owner and developer of nearly {{convert|100|acre|km2}} of property at Canary Wharf and elsewhere in London. Over the last 10 years it has constructed more office space in London than any other developer.[http://www.canarywharfinvestorrelations.com/ Canary Wharf Group website: Investor Relations] The group owns {{convert|7900000|sqft|m2}} of property which is worth £4.9 billion, of which 95.6% was let as of 30 June 2012.[http://www.canarywharf.com/aboutus/Who-We-Are/Company-Overview/ Canary Wharf Group website: Company Overview] {{webarchive|url=https://web.archive.org/web/20140208011005/http://canarywharf.com/aboutus/Who-We-Are/Company-Overview/ |date=8 February 2014 }}

History

The company was formed in 1993 as Canary Wharf Limited to acquire the former assets of Olympia and York from its administrator.[http://www.canarywharf.com/mainFrm1.asp?strSelectedArea=History Canary Wharf Group website: History] {{webarchive |url=https://web.archive.org/web/20071203014042/http://www.canarywharf.com/mainFrm1.asp?strSelectedArea=History |date=3 December 2007 }}

In December 1995, the company was acquired by an international consortium, including Olympia and York founder Paul Reichmann.{{cite web |url=http://www.canarywharf.com/aboutus/Who-We-Are/Our-History/1995/ |publisher=Canary Wharf Group |title=About Us: 1995 |archiveurl=https://web.archive.org/web/20130504175947/http://www.canarywharf.com/aboutus/Who-We-Are/Our-History/1995/ |archivedate=4 May 2013 }}

In April 1999, the company floated on the London Stock Exchange.{{cite web |url=http://www.canarywharf.com/aboutus/Who-We-Are/Our-History/1999/ |publisher=Canary Wharf Group |title=About Us: 1999 |archiveurl=https://web.archive.org/web/20140627042914/http://canarywharf.com/aboutus/Who-We-Are/Our-History/1999/ |archivedate=27 June 2014 }}

In 2004, a majority of the company was acquired by Glick Family Investments and Morgan Stanley{{cite news |url=https://www.wsj.com/articles/SB107056761494217400?reflink=barrons_redirect |title=U.K.'s Canary Wharf Agrees To Morgan Stanley-Glick Bid |newspaper=Wall Street Journal |date=5 December 2003 }} using an investment vehicle company called Songbird Acquisitions,{{cite web |url=http://www.thefreelibrary.com/Investment+floods+into+UK%3b+Overseas+buyers+put+billions+into+property.-a0131755768 |title=Investment floods into UK; Overseas buyers put billions into property |newspaper=Daily Post |location=Liverpool |first=Tony |last=McDonough |accessdate=22 October 2014 }} which was later taken over by China Investment Corporation.{{cite news |url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6107221/China-invests-in-Canary-Wharf-with-880m-bail-out-of-Songbird.html |title=China invests in Canary Wharf with £880m bail-out of Songbird |newspaper=The Telegraph |location=London |first=Graham |last=Ruddick |date=28 August 2009 |accessdate=22 October 2014 }}

In 2015, Brookfield Properties and Qatar Investment Authority took over Canary Wharf Group for £2.6 billion. Songbird was delisted following the takeover.{{Cite web |title=Investors |url=https://group.canarywharf.com/about-us/investors/ |access-date=2025-06-18 |website=Canary Wharf Group |language=en}}

Structure

The group owns Canary Wharf Contractors, a business which has built most of the buildings at Canary Wharf.{{usurped|1=[https://web.archive.org/web/20040611205452/http://www.emporis.com/en/cd/cm/?id=108417 Canary Wharf Contractors on Emporis database]}} The Canary Wharf Group has also launched Vertus,http://thisisvertus.com/ Vertus Website a build-to-rent arm with properties under development in Canary Wharf.https://group.canarywharf.com/media/press-releases/vertus-debuts-with-10-george-street-the-first-build-to-rent-development-in-canary-wharf-071119/ Canary Wharf Group press release on Vertus launch

Relationship with Transport for London

Several large transport projects have been constructed which link to Canary Wharf, including the Jubilee Line Extension and Crossrail.

The Canary Wharf Group agreed to pay £500m over 24 years{{cite book |last=Glover |first=John |date=2010 |title=London's Underground |edition=11th |publisher=Ian Allan Publishing |page=131 |isbn=9780711034297 }} towards the £3.5bn cost of the Jubilee Line extension. The payment was reduced by at least £25m because the line was unable to run at the capacity agreed.{{cite news |url=http://www.eastlondonadvertiser.co.uk/news/travel/tfl_pays_25m_to_canary_wharf_group_for_jubilee_line_failures_1_1190275 |newspaper=The Docklands & East London Advertiser |title=TfL pays £25m to Canary Wharf Group for Jubilee Line failures |first=Nadia |last=Sam-Daliri |date=27 January 2012 |accessdate=22 October 2014 |url-status=dead |archiveurl=https://web.archive.org/web/20141022100316/http://www.eastlondonadvertiser.co.uk/news/travel/tfl_pays_25m_to_canary_wharf_group_for_jubilee_line_failures_1_1190275 |archivedate=22 October 2014 |df=dmy-all }} Canary Wharf Group built the Canary Wharf railway station for Crossrail at a cost of around £500m, contributing £150m towards the station cost.{{Cite web|last=Lydall|first=Ross|date=2022-05-23|title=Elizabeth line is ‘game changer’ for Canary Wharf, says estate boss|url=https://www.standard.co.uk/news/london/elizabeth-line-crossrail-changes-canary-wharf-commuters-opening-b1001737.html|access-date=2022-12-04|website=Evening Standard|language=en}}

The links between Canary Wharf Group and Transport for London remain strong, with Canary Wharf's Finance Director Peter Anderson previously on the board of Transport for London and chairing its finance and policy committee.{{cite news |url=https://www.theguardian.com/uk-news/davehillblog/2014/oct/15/cycle-superhighways-row-wheels-within-wheels |newspaper=The Guardian |location=Manchester |title=Cycle superhighways row: wheels within wheels |first=Dave |last=Hill |date=15 October 2014 |accessdate=22 October 2014 }}

The Canary Wharf Group has consistently campaigned against the now defunct Cycle Superhighway routes. In 2014, the Group opposed two cycle routes dubbed "Crossrail for bikes" by anonymously distributing a briefing paper claiming the project would be "extremely damaging to London".{{cite news |url=https://www.theguardian.com/world/2014/oct/10/cyclists-lobbyists-battle-london-cycle-lanes-boris-johnson |newspaper=The Guardian |location=Manchester |title=Cyclists v lobbyists: gloves are off in the battle for London’s cycle lanes |first=Peter |last=Walker |date=10 October 2014 |accessdate=22 October 2014 }} In 2018, Canary Wharf Group were a founding member of Unblock the Embankment,{{cite web |url=https://unblocktheembankment.co.uk/#whoweare |title=Who We Are |publisher=Unblock the Embankment |accessdate=9 December 2018 }} a campaign to remove a segregated cycle route along the Embankment.

Property portfolio

Notable property addresses are:

class="wikitable" border="1"
Property address ! Sq ft ! Leased (2008) ! Value (2008)
One Canada Square \|align="right" \| 1,236,200 \|align="right" \| 99% \|align="right" \| £688m
25–30 Bank Street \|align="right" \| 1,023,300 \|align="right" \| 99% \|align="right" \| £410m
One Churchill Place \|align="right" \| 1,014,400 \|align="right" \| 100% \|align="right" \| £630m
10 Upper Bank Street \|align="right" \| 1,000,400 \|align="right" \| 100% \|align="right" \| £645m
valign="top" \| All others \|align="right" \| 3,620,500 \|align="right" \| 99% \|align="right" \| £2,110m

class="wikitable" border="1"

Property address

! Sq ft

! Leased (2008)

! Value (2008)

One Canada Square

|align="right" | 1,236,200

|align="right" | 99%

|align="right" | £688m

25–30 Bank Street

|align="right" | 1,023,300

|align="right" | 99%