The blood must have frozen in the veins of the 250-strong development team at Canary Wharf Group at 7am yesterday.
A note flashed on their screens declaring that Qatar and Canadian real estate giant Brookfield had succeeded in a bid to seize full control of their company, run by Sir George Iacobescu.
“Business as usual,” was the instant message, an assurance designed to placate those working the 10- to 15-year programme, which has the potential to produce a £2.3 billion surplus at Wood Wharf and the Shell Centre.
“Right, yeah, but who is going to be in charge now Brookfield can interfere?” is the muttered response.
That’s because Brookfield has 500 development staff working on projects worth £500 million in London.
It’s a team with a different, harsher, less design-centric culture than that nurtured by 69-year-old Sir George since he began work on the Wharf in the Eighties.
“The development pipeline will proceed as planned,” said a source at Canary Wharf.
“George has been assured by the [bidders] of their full support for the group’s business plan and first-rate staff.”
But Brookfield must want to interfere, whatever they will say when the takeover completes. Otherwise, why bother to bid?
