Arab Investments, the Middle Eastern-backed investor, has completed the purchase of the Bishopsgate Tower development in the City of London for around £200m.
Arab Investments, through its offshore investment vehicle, Pinnacle, has bought the building from German fund manager Union Investment Real Estate, formerly DIFA, in a purchase that completed yesterday.
Pinnacle is backed by private and institutional equity investors in the Middle East. The company will continue the development for the City's tallest building, which will now be renamed the Pinnacle. Savills is advising Union.
Frank Billand, member of the board of directors of Union Investment, said: ‘This will allow the project to start as it has received final planning consent from the City of London.’
The tower will become the tallest building in the City at 60 storeys, comprising 950,000 sq ft (88,000 sq m) of offices and 21,807 sq ft (2,026 sq m) of retail.