The owner of Canary Wharf in London has rejected a takeover proposal that could have yielded the country's biggest property deal in years.
Songbird Estates - the majority owner of the sprawling financial area, including the headquarters for HSBC and Barclays - said the joint offer by the Qatar Investment Authority and US investor Brookfield Property Partners undervalued the business.
The Qatar fund, which already has a 29% stake in Songbird, is looking to capitalise on a strong commercial property market.
Its other property interests in London include The Shard, the tallest skyscraper in western Europe.
The offer represented a price of 295p-per-share - below Thursday night's close of 320p which gave it a market value of £2.3bn.
Songbird said on Friday: "The board of Songbird has reviewed the proposal with its advisers and has unanimously concluded to reject the proposal on the grounds that it materially undervalues Songbird.
Chairman David Pritchard added: "This proposal significantly undervalues Songbird and does not reflect the inherent value of the business and its underlying assets.
"The group has an exceptional management team with a clear vision to deliver additional shareholder value, including from our 11 million square foot development pipeline, the largest in London."
Canary Wharf - once the powerhouse for London's shipping trade - is currently home to a working population of more than 100,000 people.
In addition to the headquarters of Barclays and HSBC, it is also the European home to other major banks, including Citi.
The estate is on track to secure its first residential development while Crossrail, the planned link between east London and Reading via Heathrow, will also serve Canary Wharf and it set to also add considerable value to the estate.
The tunnels for Crossrail needed in Docklands were completed two weeks ago.
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