Pinnacle to restart construction – FT
Work on a distinctive City of London offices tower is about to restart after the owners of the property agreed fresh financing for the project, says the Financial Times today. The 64-storey Pinnacle tower on Bishopsgate, nicknamed the Helter Skelter, had been completed to ground-floor level, but work had then stalled as its owners sought to arrange financing for the rest of the development. But now the impending shortage of high-quality office space in the City has spurred the project onwards.
Arab Investments, which manages the property on behalf of its various owners, told the newspaper that it had agreed a deal with property group Brookfield to begin the final phase of construction, with delivery scheduled for 2014.
The final details of the financing are still being worked out, but one source told the paper that the owners, who are mainly from the Middle East, had injected additional funds as well as arranging debt from a consortium of banks. Brookfield confirmed that it had been instructed to proceed with the development of what will be the tallest block in the City, at 954 ft.
