* Says adjusted NAV per share up 38 percent to 290 pence
* Market value of portfolio up 14.9 pct to 6.57 bln stg
* Shares up 16 percent, hit more than four-year high
(Adds details, analyst reaction, shares)
LONDON, March 28 Songbird Estates Plc,
majority owner of London's Canary Wharf Group, said its property
holdings had jumped in value in 2013, reflecting robust demand
for office space and endorsing its strategy to pursue
The company, which is benefiting from surging London
property prices, said it was "confident about the immediate
prospects for the London real estate market".
"The development pipeline (of new buildings) is well
positioned to take advantage of increasing demand and the
prospect of a shortfall in supply of both prime commercial and
residential space," it said on Friday.
Shares in Songbird, which counts Qatar Investment Authority
and China Investment Corp as major shareholders, rose to a more
than four-year high of 235 pence and were trading up 16 percent
at 220.5 pence at 1032 GMT.
Parts of central London have experienced sharp rises in
property prices in recent months on the back of resurgent
economic growth and demand from overseas buyers.
Songbird said its net asset value (NAV) had grown by nearly
50 percent to 2.66 billion pounds ($4.4 billion) in the year
through December, increasing its adjusted NAV per share by 38
percent to 290 pence. The market value of its total portfolio
rose 14.9 percent to 6.57 billion pounds.
Analysts at JPMorgan Cazenove said the group had delivered
"outstanding full-year results", with NAV coming in 26 percent
ahead of their expectation of 230p. Underlying pretax profit of
22.4 million pounds also came in ahead of expectations, they
The company, which is a part-owner of the "Walkie Talkie"
skyscraper in the City of London, is developing space next to
its Canary Wharf estate in east London, which is home to major
banks and financial institutions.
A 20-acre site called Wood Wharf will consist of smaller
office blocks, apartments and shops.
($1 = 0.6019 British Pounds)
(Reporting by Paul Sandle; Editing by David Holmes)