The future of Canary Wharf has been thrown into doubt.
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Way up in One Canada Square, in the Canary Wharf financial district, a map of post-Brexit London is flashing.Few places in greater London encapsulate the challenges posed by Britain's vote to exit the European Union quite like Canary Wharf, home to JPMorgan Chase & Co., Citigroup Inc. and HSBC Holdings PLC. Iacobescu has spent the past 30 years transforming the development into a modern rival to the medieval Square Mile, about 4 kilometers west.For many, Canary Wharf has become the ultimate Brexit bellwether.The new owners agreed to pay 2.6 billion pounds, a 34 percent premium to the share price before the bid.Three years ago, Canary Wharf started providing space and support for new companies seeking to break into the financial-technology industry.The need to diversify Canary Wharf Group away from banking, already clear for several years, is becoming increasingly urgent, according to Ronald Dickerman, founder of Madison International Realty. His company bought a 2.5 percent stake in Canary Wharf Group in 2012 and subsequently sold the shares to QIA and Brookfield.
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