Occupancy fears prompt Canary Wharf share slide

From: The Independent (London, England) | Date: March 13, 2003| Author: | Copyright information

CANARY WHARF was accused of hiding liabilities yesterday after it admitted that vacancy levels could rise much faster than expected by investors.

The property group, which owns the giant office complex in London's Docklands, has always maintained that it is almost "recession proof" because its tenants sign up for 25 years. It emerged that some of the recent high-profile letting agreements allow occupiers to return parts of their buildings to Canary Wharf, for five or 10 years, through put options.

Jeremy Anagnos, an analyst at Deutsche Bank, said: "The management have lost credibility. They ...

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