By Jonathan Davies

The owners of Canary Wharf has rejected a joint bit from Qatari and US investment firms.

David Pritchard, chairman of Songbird Estates which owns Canary Wharf, said the offer of 295p per share from Qatar Investment Authority (QIA) and Brookfield Property Partners "significantly undervalued" the company.

The two firms already have an interest in Canary Wharf. QIA holds a 28.6% stake in Songbird Estates and Brookfield owns 22% of Canary Wharf Group.

"The proposal significantly undervalues Songbird and does not reflect the inherent value of the business and its underlying assets," said Mr Pritchard.

"The group has an exceptional management team with a clear vision to deliver additional shareholder value, including from our 11-million-sq-ft development pipeline, the largest in London."

Songbird Estates' share prices rose to a six-year high of 320p per share after the news.

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