Sir George Iacobescu, chief executive of the Canary Wharf, may received 3 million pounds or $4.77 million for his stake, according to the Telegraph, if the Docklands estate is bought by the Qataris. Iacobescu owns 1 million shares in Canary Wharf, and he was chiefly responsible for transforming the area into a lively commercial district. Canary Wharf is owned by Songbird Estates which received an offer of 3 million pounds.
Qatar’s initial offer was for 2.2 million pounds, or $3.49 million, but Songbird Estates felt the bid significantly undervalued the property. It turns out that the bid was just a starting point. A source close to the company said, “Canary Wharf is a totally unique real estate company with the biggest development pipeline in London. It is in this great position due to George and the management team.”