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MSREF participates in recapitalization of Songbird Estates and associated debt buyback of £880 million senior loan facility

August 2009

Client(s) Morgan Stanley Real Estate Funds

Jones Day's London and Dallas offices represented the Morgan Stanley Real Estate Funds in their agreements with a consortium including Qatar Holding LLC, China Investment Corp., and GF Investments II, to subscribe for and underwrite a substantial rights issue of Ordinary and Preference Shares by Songbird Estates plc, and to purchase and repay a £880 million senior loan facility from Citibank at a 5% discount.

The rights issue is fully underwritten and will be completed in October 2009. Songbird owns approximately 60% of Canary Wharf Group, which owns the Canary Wharf development in London, containing more than 7.9 million feet of office space. Songbird, a consortium led by the Morgan Stanley Real Estate Funds and U.S. investor Simon Glick, took Canary Wharf Group private in 2004.

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