The pain in Britain’s office sector hasn’t been as severe as in the US, where it’s become commonplace to see owners surrender poor-performing properties to lenders. But one large UK office conurbation is causing concern – Canary Wharf, the modern financial district in east London. The commitment of owners Brookfield and Qatar Investment Authority is going to be tested.
The estate is run by Canary Wharf Group Investment Holdings, a 50:50 partnership between the Canadian investment firm and the Qatari sovereign fund. It took a knock this week when HSBC Holdings decided against renewing the lease on its headquarters in the heart of the complex.
