Canary Wharf looks to woo IT companies Canary Wharf Group is looking to attract more technology and media companies as part of the next big wave of development around its financial services hub in east London. The property developer and manager on Friday said it was keen to emulate the success of the "Silicon Roundabout" area of London's Shoreditch in luring start-ups. John Garwood, Canary Wharf Group company secretary, said the docklands site was a "natural fit" for further development of the technology, media and telecommunications (TMT) sector. The presence of so many financial institutions could be a powerful lure for start-ups seeking funding, he added: "We think that's a unique selling point." The TMT sector has been identified as a source of potential tenants for Wood Wharf, a site adjacent to the main Canary Wharf development, and other locations controlled by the company. Canary Wharf Group took full ownership of Wood Wharf - which is about a third of the size of Canary Wharf - in January and is now mulling over how best to use the site, which has planning consent for a mix of homes, shops, offices and a hotel. About 7 per cent of Canary Wharf was already occupied by companies in the TMT sector, including Ogilvy & Mather and Thomson Reuters, Mr Garwood added. He was speaking as Songbird Estates, Canary Wharf Group's majority shareholder, published its annual results. These showed that Songbird's adjusted net asset value per share fell from 194p to 190p in the second half of 2011, although it was still up 2 per cent for the year as a whole. Songbird also posted a pre-tax loss of £213m, down from a profit of £464m a year earlier. On an underlying basis that strips out movements on property revaluations and other factors, pre-tax profit was £4.6m in 2011, down from £28.8m a year earlier. The decline reflected a reduction in rental income resulting from the sale of two properties, the company said. Demand for high grade office space across London had reduced because of the uncertain economy, although supply remained constrained, it said. "Overseas real estate investors and businesses are also still being attracted to the relative stability, transparency and traditional strengths of London as a pre-eminent global business centre," it added. Songbird's Aim-listed shares rose 3 per cent to 112¾p in early morning trading in London on Friday.