China Investment Corporation, the sovereign wealth fund of China, has joined a consortium to help bail out the majority owner of Canary Wharf, which was facing a potential breach of an £880m ($1.3bn) loan.
In its first major UK real estate investment, CIC will join several existing shareholders in Songbird Estates in providing more than £800m in new equity to pay back a Citigroup loan.
Other groups taking part in the placing include Morgan Stanley Real Estate Funds, Qatar Holding and Simon Glick, the US private investor.
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