REG - Canary Wharf Fin II - Half-year Report
19/09/2023 17:30
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RNS Number : 9665M Canary Wharf Finance II PLC 19 September 2023
CANARY WHARF FINANCE II PLC
19 SEPTEMBER 2023
PUBLICATION OF THE HALF YEARLY FINANCIAL REPORT FOR THE 6 MONTHS ENDED 30 JUNE
2023
Pursuant to sections 4.2 and 6.3.5 of the Disclosure and Transparency Rules,
the board of Canary Wharf Finance II plc is pleased to announce the
publication of its half yearly financial report for the 6 months ended
30 June 2023, which will shortly be available from
https:group.canarywharf.com/about-us/investors/canary-wharf-finance-ii-plc.
The information contained within this announcement, which was approved by the
board of directors on 19 September 2023, does not comprise statutory accounts
within the meaning of the Companies Act 2006 and is provided in accordance
with section 6.3.5(2)(b) of the Disclosure and Transparency Rules.
In compliance with the Listing Rule 9.6.1, a copy of the 30 June 2023 half
yearly financial report will be submitted to the UK Listing Authority via the
National Storage Mechanism and will shortly be available to the public for
inspection at
www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism.
Dated: 19 September 2023
Contact for queries:
J J Turner
Company Secretary
Canary Wharf Finance II plc
Telephone: 020 7418 2000
INTERIM MANAGEMENT STATEMENT
This interim management statement relates to the 6 months ended 30 June 2023
and contains information that covers the period from 1 January 2023 to 19
September 2023, the date of publication of this interim management statement.
BUSINESS REVIEW
The company is a subsidiary of Canary Wharf Group plc, Canary Wharf Group
Investment Holdings plc, and its ultimate parent undertaking Stork Holdco LP,
an entity registered in Bermuda.
The company is a finance vehicle that issues securities which are backed by
commercial mortgages over properties within the Canary Wharf Estate. The
company is engaged in the provision of finance to the Canary Wharf Group,
comprising Canary Wharf Group plc, the ultimate parent undertaking Stork
Holdco LP and the wider group subsidiaries. The Group owns, manages and
develops the Canary Wharf Estate (the 'Estate') in East London. References
to 'the Group' and 'Canary Wharf Group' refer to Stork Holdco LP and its
subsidiaries. All activities take place within the United Kingdom. The
company plans to continue trading in the same manner for the foreseeable
future.
At 30 June 2023, the company had £1,340,874,320 (31 December 2022 -
£1,355,536,920) of notes listed on the London Stock Exchange and had lent the
proceeds to a fellow subsidiary undertaking, CW Lending II Limited ('the
Borrower') under a loan agreement ('the Intercompany Loan Agreement'). The
notes are secured on a pool of properties at Canary Wharf, owned by fellow
subsidiary undertakings, and the rental income therefrom.
Going Concern
Having made the requisite enquiries and assessed the resources at the disposal
of the company, the directors have a reasonable expectation that the company
will have adequate resources to continue its operation for the foreseeable
future. Accordingly, they continue to adopt the going concern basis in
preparing the financial statements.
Results for the period
As shown in the company's Income Statement, the company's loss after tax for
the 6 month period was £4,959,754 (period ended 30 June 2022 - loss of
£4,948,001).
This loss included hedge reserve recycling recognised in the Income Statement
of £5,024,076 (period ended 30 June 2022 - £5,005,643). Including the
hedge reserve recycling impact in other comprehensive income the profit for
the period was £64,322 (period ended 30 June 2022 - £57,642).
The balance sheet shows the company's financial position at the period end and
indicates that net assets were £5,710,828 (31 December 2022 - £5,646,506).
The weighted average maturity of the company's securitised debt is 9.67 years
(31 December 2022 - 10.1 years). The weighted average interest rate of the
securitised debt is 6.04% (31 December 2022 - 6.1%).
In the opinion of the Board, these Financial Statements enable shareholders to
make an informed assessment of the results and activities of the company for
the period ended 30 June 2023.
PRINCIPAL RISKS AND UNCERTAINTIES
The risks and uncertainties facing the business are monitored through
continuous assessment, regular formal reviews and discussion at the Canary
Wharf Group Investment Holdings plc audit committee and board. Such
discussion focuses on the risks identified as part of the system of internal
control which highlights key risks faced by the Group and allocates specific
day to day monitoring and control responsibilities as appropriate. As a
member of Canary Wharf Group, the current key risks of the company include:
the current geopolitical climate and its potential impact on the economy, the
cyclical nature of the property market, concentration risk, financing risk,
climate risk and policy and planning risks.
Geopolitical climate
The geopolitical backdrop has been exceptionally turbulent in the UK and
internationally over the past few years. We have also seen a marked increase
in Industrial Action, in part due to falling real wages, resulting in numerous
days of tube and train strikes impacting the Estate.
Russia's invasion of Ukraine is still ongoing and has driven longer term
security, economic, and energy policy shifts within Europe, with implications
for UK businesses and consumers. The Group has no contractual relationships
with any entity or individuals based in Russia, Belarus or Ukraine. However,
the impact of a war in Europe and sanctions targeted at Russia and certain
individuals may impact on the UK and world economy, particularly on energy
prices. The long term impacts of these issues remain difficult to predict.
Cyclical nature of the property market
The valuation of the Group's assets are subject to many other external
economic and market factors. In recent years, the London real estate market
has had to cope with fluctuations in demand caused by key events such as
uncertainty in the Eurozone, implications of the UK's withdrawal from the EU,
the Russian invasion of Ukraine and sanctions imposed on Russia as a
consequence. During the year, the rapid rise in interest rates has brought
significant turmoil to the debt and capital markets with consequential impact
on investor confidence whilst the longer term impact of Covid-19 on flexible
working has led to occupiers reviewing their requirements for office space.
These factors have had adverse implications for the property market and
particularly negative market sentiment towards office assets which has
impacted valuations at the period end.
The real estate market has to date, however, been assisted by the depreciation
of sterling since the UK's exit from the EU and the continuing presence of
overseas investors attracted by the relative transparency of the real estate
market in London which is still viewed as both relatively stable and secure.
Concentration Risk
The Group's real estate assets are currently located on or adjacent to the
Estate. Although a majority of tenants have traditionally been linked to the
financial services industry, this proportion has now fallen to around only
54.0% of tenants. Wherever possible steps are still taken to mitigate or
avoid material consequences arising from this concentration.
Although the focus of the Group has been on and around the Estate, where value
can be added the Group will also consider opportunities elsewhere. The Group
is involved as construction manager and joint development manager in the joint
venture with Qatari Diar to redevelop the Shell Centre in London's South Bank.
The Group has also reviewed current consents for development to react to
changes in the market. This review has led to an increased focus on the
residential build to rent sector as reflected in the composition of the master
plan for the mixed use development at Wood Wharf.
Financing risk
The broader economic cycle inevitably leads to movements in inflation,
interest rates and bond yields. The company has borrowing at floating and
fixed rates of interest. Where required the company uses derivative
financial instruments to manage exposure to interest rate fluctuations.
The company has issued debenture finance in sterling at both fixed and
floating rates and uses interest rate swaps to modify its exposure to interest
rate fluctuations. All of the company's borrowings are fixed after taking
account of interest rate hedges. All borrowings are denominated in sterling
and the company has no intention to borrow amounts in currencies other than
sterling.
The company enters into derivative financial instruments solely for the
purposes of hedging its financial liabilities. No derivatives are entered
into for speculative purposes.
The company is not subject to externally imposed capital requirements.
The company's securitisation is subject to a maximum loan minus cash to value
('LMCTV') ratio covenant.
The maximum LMCTV ratio is 100.0%. Based on the 30 June 2023 valuations of
the properties upon which the company's notes are secured, the LMCTV ratio at
the interest payment date in July 2023 was 45.2%. The securitisation is not
subject to a minimum interest coverage ratio. A breach of certain financial
covenants can be remedied by depositing eligible investments (including cash).
Climate risk
The Group considers sustainability to be at the forefront of our business, and
as an organisation we have a vision to transform urban spaces into
extraordinary environments. In 2020, the Group published its Net Zero Carbon
Pathway, a roadmap for reaching net zero carbon by 2030. The Group also
published ambitious Science Based Targets (SBTs) ratified by the Science Based
Targets Initiative (SBTi).
Failure to meet these commitments could result in reputational damage for the
Group and subsequent damage to our relationship with customers, suppliers and
other stakeholders. Similarly, inaccurate claims around sustainable
practices could result in the Group being subject to fines under the Green
code leading to both financial and reputational harm.
Being an integrated developer, contractor and property manager, we are in a
unique position to embed sustainable principles right from the initial design
of our buildings. However, there are increasing legal and regulatory
requirements for building performance for which the Group is required to
remain compliant. Failing to meet these requirements could lead to
significant reputational damage and adversely impact asset values.
Whilst we are aware of these risks, we do not consider the Group to be at
considerable risk of non compliance. We are actively engaging with many
industry groups including the UK Green Building Council (UKGBC), the Better
Building Partnership (BBP) and Concrete Zero to ensure we remain up to date
with all regulations. We also actively monitor the operational performance
of our buildings, and retrofit older buildings where possible, to ensure
compliance. Our dedicated sustainability team produce an annual
sustainability report to drive sustainable initiatives and communicate
performance to our stakeholders. We obtain external assurance over this
report to provide confidence to our stakeholders. The Group actively engages
in sustainable practices and is working in partnership with the Eden Project
to transform the Canary Wharf Estate into a biodiverse environment.
Policy and planning risks
All of the Group's assets are currently located within London. Appropriate
contact is maintained with local and national Government, but changes in
Governmental policy on planning, tax or other regulations could limit the
ability of the Group to maximise the long term potential of its assets.
These risks are closely monitored.
The principal risks facing the Group are discussed in the Annual Report of
Canary Wharf Investment Holdings plc, which does not form part of this report.
DIRECTOR'S RESPONSIBILITY STATEMENT
The board of directors, comprising Sheikh Khalifa Al-Thani, Theodor Berklayd,
Sir George Iacobescu CBE, Shoaib Z Khan, Katy J Kingston (alternate director
to Shoaib Z Khan), J Justin Turner (alternate director to Sir George Iacobescu
CBE) and Rebecca J Worthington, confirms to the best of its knowledge that:
· the condensed set of financial statements which has been prepared in
accordance with the applicable set of accounting standards give a true and
fair view of the assets, liabilities, financial position and profit or loss of
the company as required by Rule 4.2.4 of the Disclosure and Transparency Rules
of the United Kingdom's Financial Conduct Authority (the 'DTRs');
· the interim management statement includes a fair review of the information
required by Rule 4.2.7 of the DTRs (indication of important events during the
first 6 months and description of principal risks and uncertainties for the
remaining 6 months of the year). The interim management report includes a
fair review of the information required by DTR 4.2.8R (disclosure of related
parties' transactions and changes therein); and
· the interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and
changes therein).
STATEMENT OF COMPREHENSIVE INCOME
for the 6 months ended 30 June 2023
Audited Unaudited Unaudited
year ended 6 months 6 months
31 December ended ended
2022 30 June 2023 30 June 2022
£ Note £ £
(37,602) Administrative expenses (9,613) (12,360)
(37,602) OPERATING LOSS (9,613) (12,360)
81,331,597 Interest receivable 2 39,796,139 40,700,198
(91,201,694) Interest payable 3 (44,746,280) (45,635,839)
(9,907,699) LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (4,959,754) (4,948,001)
- Tax on loss on ordinary activities 4 - -
(9,907,699) LOSS ON ORDINARY ACTIVITIES AFTER TAXATION FOR THE PERIOD/YEAR (4,959,754) (4,948,001)
OTHER COMPREHENSIVE INCOME
10,020,455 Hedge reserve recycling 5,024,076 5,005,643
10,020,455 OTHER COMPREHENSIVE INCOME FOR THE PERIOD/YEAR 5,024,076 5,005,643
112,756 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD/YEAR 64,322 57,642
The Notes numbered 1 to 9 form an integral part of this Half Yearly Financial
Report.
STATEMENT OF FINANCIAL POSITION
as at 30 June 2023
Audited Unaudited Unaudited
31 December 30 June 30 June
2022 2023 2022
£ Note £ £
CURRENT ASSETS
Debtors: 5
1,289,142,436 Amounts falling due after one year 1,226,784,730 1,405,445,743
53,811,347 Amounts falling due within one year 59,635,208 50,751,752
3,843,290 Cash at bank 575,800 3,374,335
1,346,797,073 1,286,995,738 1,459,571,830
(52,008,129) Creditors: 6 (54,500,078) (48,534,594)
Amounts falling due within one year
1,294,788,944 NET CURRENT ASSETS 1,232,495,660 1,411,037,236
1,294,788,944 1,232,495,660 1,411,037,236
TOTAL ASSETS LESS CURRENT
LIABILITIES
(1,289,142,438) Creditors: 7 (1,226,784,832) (1,405,445,844)
Amounts falling due after more than one year
5,646,506 NET ASSETS 5,710,828 5,591,392
CAPITAL AND RESERVES
50,000 Called up share capital 50,000 50,000
(127,052,421) Hedging reserve (122,028,345) (132,067,233)
132,648,927 Retained earnings 127,689,173 137,608,625
5,646,506 SHAREHOLDER'S FUNDS 5,710,828 5,591,392
The Notes numbered 1 to 9 form an integral part of this Half Yearly Financial
Report.
STATEMENT OF CHANGES IN EQUITY
for the 6 months ended 30 June 2023
Called up Hedging Retained Total
share
capital reserve earnings
£ £ £ £
At 1 January 2022 50,000 (137,072,876) 142,556,626 5,533,750
Loss for the period - - (4,948,001) (4,948,001)
Other comprehensive income - 5,005,643 - 5,005,643
Total comprehensive income - 5,005,643 (4,948,001) 57,642
At 30 June 2022 50,000 (132,067,233) 137,608,625 5,591,392
- - (4,959,698) (4,959,698)
Loss for the period
Other comprehensive income - 5,014,812 - 5,014,812
Total comprehensive income - 5,014,812 (4,959,698) 55,114
At 31 December 2022 50,000 (127,052,421) 132,648,927 5,646,506
- - (4,959,754) (4,959,754)
Loss for the period
Other comprehensive income - 5,024,076 - 5,024,076
Total comprehensive income - 5,024,076 (4,959,754) 64,322
At 30 June 2023 50,000 (122,028,345) 127,689,173 5,710,828
The Notes numbered 1 to 9 form an integral part of this Half Yearly Financial
Report.
NOTES TO THE INTERIM REPORT
for the 6 months ended 30 June 2023
1. ACCOUNTING POLICIES
The year end statutory accounts have been prepared in
accordance with Financial Reporting Standard (FRS) 102 "The Financial Report
Standard applicable in the UK and Republic of Ireland". Accordingly, this
condensed set of financial statements has been prepared in accordance with FRS
104 "Interim Financial Reporting".
The accounting policies applied in the preparation of
this Interim Report are consistent with those that will be adopted in the
statutory accounts for the year ending 31 December 2023. The full accounting
policies of the company, set out in the 2022 statutory accounts, have been
applied in preparing this Interim Report.
The financial information relating to the 6 months
ended 30 June 2023 and 30 June 2022 is unaudited.
A copy of the statutory accounts for the year ended 31
December 2022 has been delivered to the Registrar of Companies. The
auditor's report on those accounts was not qualified, did not contain any
reference to any matters which the auditor drew attention by way of emphasis
without qualifying the report and did not contain statements under Section
498(2) or (3) of the Companies Act 2006.
In accordance with FRS 102, the company will be exempt
from presentation of a cash flow statement in its next annual financial
statements as it will be included in the consolidated financial statements of
Canary Wharf Group Investing Holdings plc, and accordingly the company has
taken an equivalent exemption in preparing these condensed interim financial
statements.
2. INTEREST RECEIVABLE AND SIMILAR INCOME
Audited Unaudited Unaudited
year ended 6 months 6 months
31 December ended ended
2022 30 June 2023 30 June 2022
£ £ £
11,426 Bank interest receivable 7,178 261
81,320,171 Interest receivable from Group undertakings 39,788,961 40,699,937
81,331,597 39,796,139 40,700,198
3. INTEREST PAYABLE AND SIMILAR CHARGES
Audited Unaudited Unaudited
year ended 6 months 6 months
31 December ended ended
2022 30 June 2023 30 June 2022
£ £ £
81,181,239 Interest payable on securitised debt (Note 7) 39,722,204 40,630,196
10,020,455 Hedge reserve recycling 5,024,076 5,005,643
91,201,694 44,746,280 45,635,839
Included within interest payable on securitised debt is
£752,507 (June 2022 - £800,129) amortisation of issue premium. The hedge
reserve recycling relates to the release of accumulated historic fair value
movements on derivative financial instruments that were part of an effective
cash flow hedge.
Fair value adjustments
Audited Unaudited Unaudited
year ended 6 months 6 months
31 December ended ended
2022 30 June 2023 30 June 2022
£ £ £
(235,963,196) Derivative financial instruments (Note 7) (36,033,045) (139,717,378)
(35,465,761) Securitised debt (Note 7) (9,954,723) (31,470,817)
271,428,957 Loan to fellow subsidiary undertaking 45,987,768 171,188,195
(Note 5)
- - -
4. TAXATION
Audited Unaudited Unaudited
year ended 6 months 6 months
31 December ended ended
2022 30 June 2023 30 June 2022
£ £ £
Tax charge
- Current tax chargeable to income - -
- - -
Tax reconciliation
(9,907,699) Loss on ordinary activities before taxation (4,959,754) (4,948,001)
(1,882,463) Tax on loss at UK corporation tax rate (1,091,146) (940,120)
Effects of:
1,903,886 Fair value movements - 951,072
(21,423) Group relief 1,091,146 (10,952)
- - -
5. DEBTORS
Audited Unaudited Unaudited
31 December 30 June 30 June
2022 2023 2022
£ £ £
Due within one year:
29,325,200 Loan to fellow subsidiary undertaking 29,325,200 29,325,200
15,610,878 Accrued interest on loan to fellow subsidiary undertaking 15,629,968 15,540,418
8,875,269 Amounts owed by fellow subsidiary undertakings 14,680,040 5,886,134
53,811,347 59,635,208 50,751,752
Due after more than one year:
1,289,142,436 Loan to fellow subsidiary undertaking 1,226,784,730 1,405,445,743
1,289,142,436 1,226,784,730 1,405,445,743
The loan to a fellow subsidiary undertaking comprises:
Audited Unaudited Unaudited
31 December 30 June 30 June
2022 2023 2022
£ £ £
1,622,033,502 Brought forward 1,318,467,636 1,622,033,502
(29,325,200) Repaid in period (14,662,600) (14,662,600)
(1,578,497) Amortisation of issue premium (752,507) (800,128)
(1,233,212) Accrued financing expenses (954,731) (611,636)
(271,428,957) Fair value adjustment (45,987,768) (171,188,195)
1,318,467,636 Carried forward 1,256,110,030 1,434,770,943
29,325,200 29,325,200 29,325,200
Payable within one year or on demand
1,289,142,436 Payable after more than one year 1,226,784,830 1,405,445,743
1,318,467,636 1,256,110,030 1,434,770,943
The loans to a fellow subsidiary undertaking bear fixed rates of interest
between 5.41% and 7.07% and are repayable in instalments between 2005 and
2037.
Other amounts owed by Group companies are non-interest bearing and repayable
on demand.
The A7, B3 C2 and D2 tranches of the intercompany loan are carried at fair
value. The A1, A3 and B tranches are carried at amortised cost (see Note 7).
The total fair value of the loans to fellow subsidiary undertakings at 30
June 2023 was £1,224,656,709 (31 December 2022 - £1,325,641,286), calculated
by reference to the fair values of the company's financial liabilities. In
the event that the company were to realise the fair value of the securitised
debt and the derivative financial instruments, it would have the right to
recoup its losses as a repayment premium on its loans to CW Lending II
Limited. As such, the fair value of the loans to Group undertakings is
calculated to be the sum of the fair value of the securitised debt and the
fair value of the derivative financial instruments. The carrying value of
financial assets represents the company's maximum exposure to credit risk.
6. CREDITORS: Amounts falling due within one year
Audited Unaudited Unaudited
31 December 30 June 30 June
2022 2023 2022
£ £ £
29,325,200 Securitised debt (Note 7) 29,325,200 29,325,200
15,661,393 Accrued interest on debt 15,684,999 15,594,319
- Accounts payable 62,958 126,729
7,020,468 Amounts owed to Group undertakings 9,416,241 3,477,306
1,068 Accruals and deferred income 10,680 11,040
52,008,129 54,500,078 48,534,594
Amounts owed to group undertakings are interest free and repayable on demand.
7. CREDITORS: Amounts falling after more than one year
Audited Unaudited Unaudited
31 December 30 June 30 June
2022 2023 2022
£ £ £
1,218,521,786 Securitised debt 1,192,197,225 1,238,579,374
70,620,652 Derivative financial instruments 34,587,607 166,866,470
1,289,142,438 1,226,784,832 1,404,445,844
The amounts at which borrowings are stated comprise:
Audited Unaudited Unaudited
31 December 30 June 30 June
2022 2023 2022
£ £ £
1,315,449,655 Brought forward 1,247,846,985 1,315,449,655
(29,325,200) Repaid in period (14,662,600) (14,662,600)
(1,578,497) Amortisation of issue premium (752,507) (800,128)
(1,233,212) Accrued financing expenses (954,730) (611,536)
35,465,761 Fair value adjustment (9,954,723) (31,470,817)
1,247,846,985 Carried forward 1,221,552,425 1,267,904,574
29,325,200 29,325,200 29,325,200
Payable within one year or on demand
1,218,521,785 Payable after more than one year 1,192,197,225 1,238,579,374
1,247,846,985 1,221,522,425 1,267,904,574
The principal terms of the company's borrowings are:
Tranche Principal Interest Hedged rate Repayment
£m
A1 165.7 6.455% - By instalment 2009 - 2030
A3 400.0 5.952% - By instalment 2032 - 2035
A7 222.0 SONIA + 0.5943% 5.3985% January 2035
B 110.6 6.800% - By instalment 2005 - 2030
B3 77.9 SONIA + 0.8193% 5.5825% January 2035
C2 239.7 SONIA + 1.4943% 6.2666% January 2035
D2 125.0 SONIA + 2.2193% 7.0605% January 2035
1,340.9
The class A1, A3 and B notes were issued at a premium which is being amortised
to the income statement on a straight line basis over the life of the relevant
notes. At 30 June 2023, £9,893,264 (31 December 2022 - £10,645,771)
remained unamortised.
The notes are secured on 6 properties at Canary Wharf, owned by fellow
subsidiary undertakings, and the rental income stream therefrom. The 6
properties are 1 Canada Square, 33 Canada Square, 20 Bank Street, 40 Bank
Street, 10 Cabot Square/5 North Colonnade and 20 Cabot Square/10 South
Colonnade.
The company uses interest rate swaps to hedge exposure to the variability in
cash flows on floating rate debt caused by movements in market rates of
interest. The hedged rates of the floating notes, including the margins, are
between 5.40% and 7.06%.
The floating rate notes are carried at fair value through profit or loss.
The fixed rate notes are carried at amortised cost. The total fair value
of the securitised debt at 30 June 2023 was £1,190,069,104 (31 December 2022
- £1,255,020,633). The fair values of the sterling denominated notes have
been determined by reference to prices available on the market on which they
are traded.
At 30 June 2023, the fair value of the interest rate derivatives resulted in
the recognition of a liability of £34,587,605 (31 December 2022 -
£70,620,652). The fair values of the derivative financial instruments have
been determined by reference to the market values provided by a third party
valuer.
The securitisation continues to have the benefit of an arrangement with AIG
which covers the rent in the event of a default by the tenant of 33 Canada
Square over the entire term of the lease. At 30 June 2023, AIG had posted
£60,804,480 as cash collateral in respect of this obligation.
The company also has the benefit of a £300.0m liquidity facility provided by
Lloyds Bank plc, under which drawings may be made in the event of a cash flow
shortage under the securitisation. The liquidity facility matures on 22
October 2037 and at 30 June 2023 remains undrawn.
8. CONTINGENT LIABILITIES AND FINANCIAL COMMITMENTS
As at 30 June 2023 and 31 December 2022, the company had given security over
all its assets, including security expressed as a first fixed charge over its
bank accounts, to secure the notes referred to in Note 7.
9. CONTROLLING PARTY
The company's immediate parent undertaking is Canary
Wharf Finance Holdings Limited.
As at 30 June 2023, the smallest group of which the
company is a member and for which group financial statements are drawn up is
the consolidated financial statements of Canary Wharf Group Investment
Holdings plc. Copies of the financial statements may be obtained from the
Company Secretary, One Canada Square, Canary Wharf, London E14 5AB.
The largest group of which the company is a member for
which group financial statements are drawn up is the consolidated financial
statements of Stork Holdco LP, an entity registered in Bermuda and the
ultimate parent undertaking and controlling party. Stork Holdco LP is
registered at 73 Front Street, 5th Floor, Hamilton, HM12, Bermuda.
Stork Holdco LP is controlled as to 50.0% by Brookfield
Property Partners LP and as to 50.0% by Qatar Investment Authority.
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