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Canary Wharf, Shell to revamp London site: report

July 24, 2011, 11:01 a.m. EDT

By London Bureau

LONDON (MarketWatch) — U.K. property developer Canary Wharf is poised to seal a landmark deal to transform the area round Royal Dutch Shell PLC’s (RDSA.LN) London office with financial backing from Qatar, The Sunday Times reports without citing sources.

Shell is expected to announce within a fortnight that it has picked Canary Wharf and Qatari Diar, the property arm of the emirate’s sovereign wealth fund, to transform more than five acres surrounding its tower on the south bank of the Thames. Canary Wharf and Qatar are believed to have offered up to GBP350 million for the deal, the report says.

Other bidders included Development Securities in partnership with Carlyle Group, and Chelsfield PLC in partnership with the Livingstone brothers, the report says. Development Securities and Carlyle pulled out last week after it became clear that Shell intended to go with Canary Wharf and Qatari Diar.

Shell, which is being advised by CB Richard Ellis and Rothschild, said: “We cannot confirm the names of the developers, but Shell is seeking a developer with a vision that reflects the importance we attach to the site.”

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