Investors are poised to commit further funds to the 64-storey Pinnacle development in the City of London to ensure that it is ready before rival tower schemes, the Financial Times has reported.
Investors are poised to commit further funds to the 64-storey Pinnacle development in the City of London to ensure that it is ready before rival tower schemes, the Financial Times has reported.
The investors, mainly based in Saudi Arabia and Kuwait, have already committed £400 mln (EUR 478 mln) to the project. HSH Nordbank is providing a £140 mln debt facility.
The newspaper said that development manager Arab Investments is expected to secure a further £150 mln (EUR 177 mln) in the next few weeks for what will be the tallest tower in the City of London. Arab Investments hopes the funding will help in negotiations with banks on development finance.
The funding will allow construction work to continue on track for completion in 2013, when a shortage of high-quality office space is predicted.
Last month Land Securities and British Land announced work would start on their Walkie Talkie and Cheesgrater schemes.
