Songbird Estates saw a modest slide in the value of its £7.3bn portfolio but was bullish about its prospects against falling commercial property prices and said it 'was looking very closely' at a couple of assets outside its London Docklands heartland . Financial Times, The Times, Daily Telegraph
The Canary Wharf developer admitted it was not immune to the fall in UK property values, with a 4.3% reduction in the last six months of 2007, but pointed to an overall increase in its portfolio on the year of 4.8%.
Rental income rose 7.7% to £275.3m. Adjusted net asset value per share fell 18.6% to 215p, mostly owing to payment of dividends, although net assets fell 10.4 per cent in the last six months of the year.