Homes and Property | Home Page

Alliances forged in fight for Canary

13 April 2012

PEOPLE are taking sides in the £1.6bn-plus auction for Canary Wharf. Indicative bids are due today.

New York diamond magnate Simon Glick, with 15%, could back an offer from Morgan Stanley property funds. Glick is friendly with CW chairman Paul Reichmann, having helped him buy the Docklands developer out of receivership.

Reichmann, with 7.75%, is considering bidding himself. He is also talking to other possible buyers. 'Anyone serious about buying CW would try to get Glick and Reichmann onside,' said one observer.

CW is working on a break-up as alternative to a sale. 'Good news,' said one big shareholder. 'There appears to be an auction, there is an independent committee to consider bids and potentially there is an alternative reconstruction plan.'

Nan Rogers, at Bridgewell Securities, says CW is worth 289p or £1.7bn.

Create a FREE account to continue reading

eros

Registration is a free and easy way to support our journalism.

Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app.

Your email address

Must be at least 6 characters, include an upper and lower case character and a number

You must be at least 18 years old to create an account

* Required fields

Already have an account? SIGN IN

By clicking Create Account you confirm that your data has been entered correctly and you have read and agree to our Terms of use , Cookie policy and Privacy policy .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in

MORE ABOUT

Morgan Stanley
Property
Redecoration
Renovation
Securities
Stock And Equity Market And Stock Exchange