Arab Investments to build in London

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The 60-storey tower will become the tallest building in the City of London.

Arab Investments has paid US $391.8 million (£202 million) for the rights to construct the 288m Bishopsgate Tower - set to become the City of London's tallest building and one of the tallest in Europe.

The company bought the project from Union Investment Real Estate, Germany's second largest property fund manager.

The development, to be renamed The Pinnacle, will require around $1.93 billion of additional investment.

"We are delighted that we have now completed the sale of Bishopsgate Tower. This will allow the project to get started now that it has received planning consent from the City of London," said Dr Frank Billard, member of the board of directors of Union Investment Real Estate.

Designed by architects Kohn Pederson Fox (KPF) and nicknamed ‘Helter Skelter' because of its shape, The Pinnacle will be built in the heart of London's business district, on Bishopsgate and close to Lloyd's and the Bank of England.

The 60-storey building will be spread across 90,000m2 and will accommodate office and retail space.

Construction is due to begin this year, and the project is scheduled for completion in 2011.

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