A Songbird statement on Friday morning said it has “unanimously concluded to reject the proposal on the grounds that it materially undervalues Songbird.”

The Qatar Investment Authority already owns a 28.6% stake in Songbird and had offered 295p a share.

Songbird’s main operating company is Canary Wharf Group.

David Pritchard, the Independent Chairman of Songbird said: “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.”