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Canary Wharf Group to Transform Royal Dutch Shell Site

26 Jul 2011 (Last Updated July 26th, 2011 18:30)

Royal Dutch Shell has selected property developer Canary Wharf Group to transform five acres around the oil firm's London, UK, headquarters near Waterloo station. Canary Wharf Group, majority owned by Songbird Estates, has teamed up with Qatari Diar, the property investment arm of the

Royal Dutch Shell has selected property developer Canary Wharf Group to transform five acres around the oil firm’s London, UK, headquarters near Waterloo station.

Canary Wharf Group, majority owned by Songbird Estates, has teamed up with Qatari Diar, the property investment arm of the Qatar-based wealth fund, to offer up to £350m for the redevelopment deal.

The deal will allow Canary Wharf and Qatari Diar to build 1.5 million square feet of houses, offices and shops around the Shell Centre; the first phase of the project is expected to be completed by 2016.

Canary Wharf and Qatari are expected to knock down three low-rise buildings around Shell’s tower to make space for the new development.