Canary Wharf landlord seals refinancing deal

The company behind the Docklands landlord Canary Wharf Group has sealed a refinancing deal which could pave the way for dividend payouts for its ordinary shareholders.

Songbird Estates, which owns 69 per cent of Canary Wharf, struck the deal with the Qatari and Chinese holders of £275m in preference shares. These shares, which carry a 10 per cent coupon, were due to be paid back in two years or else see a sharp rise in the interest rate. Songbird shares rose 1.75p to 105.25p.