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Is the UK corporate property sector turning?

News that the China Investment Corporation has invested around £800 million into Songbird, the company which owns Canary Wharf, has been welcomed by many investors as a potential turning point for the UK corporate property sector. The £800 million deal is by far and away the largest in the sector for some time and the fact that Chinese investors appear interested in UK property again is certainly a reason to cheer.

As well as the fact this is good news for the UK property sector as a whole, there is more emphasis being placed upon the fact that Canary Wharf is at the centre of the UK financial district and as such carries a significant influence over the UK economy. Even though the UK government and the UK regulators appear set to try and diminish the power of the UK financial district, the £800 million investment is certainly an interesting development at this point of the economic cycle.

When you consider that some areas of London have seen property prices fall by just under 50% over the last 18 months, companies such as Songbird, British Land and Land Securities have obviously been under significant pressure. Is this finally the turning point everybody was looking for?

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