The international consortium of investors behind the development of London's Pinnacle tower has obtained a £320 mln (€385 mln) development financing for what is arguably the tallest consented residential tower in Europe.
The financing deal - one of the first high-profile transactions post-Brexit - was brokered by law firm Taylor Wessing advising the joint partners in the City Pride Limited vehicle. JTC Group acted as administrators.
The property, a 75-storey residential tower which sits on the Isle of Dogs, will replace an old pub, the City Pride. The 239-metre high tower, which is being developed by Chalegrove Properties, will comprise 162 serviced apartments, 752 private residential apartments, private amenity space for residents and a rooftop terrace.
'This transaction is proof that the market for London assets is still strong and that post-Brexit and with it the accompanying economic uncertainty, there is still appetite if the right deal is to be had on the right asset,' said Paul Lawrence, international head of real estate at Taylor Wessing. 'We are proud to have helped City Pride, a long-term client of the firm, navigate this new economic landscape and to ensure the next steps are taken on this very exciting project.'
