The Qatari government is understood to have nudged ahead of rival Pramerica, the US financial institution, to secure a one-third stake in the £400 mln Shard development, the Financial Times has reported.The 72-storey skyscraper in London, which will be the tallest tower in the UK, was being developed by property company CLS, London-based Sellar Property and the Syrian-born property tycoon Simon Halabi. However, Halabi fell out with his partners over the respective sizes of stake and project management fees. In addition, he recently suffered considerable losses when sports club chain Esporta when into liquidation after he acquired it for £476 mln.

The Qatari government is understood to have nudged ahead of rival Pramerica, the US financial institution, to secure a one-third stake in the £400 mln Shard development, the Financial Times has reported.The 72-storey skyscraper in London, which will be the tallest tower in the UK, was being developed by property company CLS, London-based Sellar Property and the Syrian-born property tycoon Simon Halabi. However, Halabi fell out with his partners over the respective sizes of stake and project management fees. In addition, he recently suffered considerable losses when sports club chain Esporta when into liquidation after he acquired it for £476 mln.

Candy & Candy is likely to provide the luxury flats in the development of the 300-metre high skyscraper at London Bridge. The Qatari government are also the backers of the Candy brothers' development of 1 Hyde Park, a luxury project in Knightsbridge. The Qatari government is also joining forces with the brothers in the £900 mln purchase of Chelsea Barracks.

The Shard is one of several new schemes that is set to change the face of London’s skyline. CLS said on Monday market turmoil was affecting funding for the project and that development work would not proceed until loan finance was secured. Credit Suisse has been in talks to provide debt to the consortium but wants to see the issue over Halabi's stake resolved.