UPDATE 1-Songbird eyes central London property projects | Reuters
LONDON, March 25 (Reuters) - Songbird Estates (SBDE.L), the majority owner of London's Canary Wharf estate, posted a rise in net asset value and said it expects to be increasingly involved in central London development and construction projects.
Songbird booked net assets of 1.8 billion pounds at Dec. 31, 2010, up 47.2 percent on the year before. The market value of its retained investment portfolio was 4.6 billion pounds, up 9.7 percent.
"The group had a very positive 2010 and will be looking to continue development at Canary Wharf in 2011," Chairman David Pritchard said on Friday.
"Additionally we expect to see increasing involvement in central London projects, either through joint ventures or as a construction or development manager," he said in a statement.
"The board believes that the group is well placed to take advantage of the anticipated shortage of grade A space in London to enable the group to progress in 2011."
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