A consortium fronted by Middle Eastern investment firm Arab Investments has emerged as the front runner to acquire the site for DIFA’s proposed 945 ft ‘Helter-skelter’ tower in the City of London.
Arab Investments, a developer and property investor, placed the site on Bishopsgate under offer this week. It has pulled together funding from a number of sources in the Middle East to acquire the site.
DIFA has already secured consent for London’s tallest tower on the site: a 60-storey Kohn Pedersen Fox-designed tower with more than 950,000 sq ft (88,257 sq m) of office space.
It is understood that Arab Investments has agreed to pay near the asking price of £200m for the site. Savills is advising DIFA.
The acquisition would mark a considerable step up for Arab Investments in the City of London. Earlier this year, the firm acquired 36-41 Gracechurch Street for around £25m from Quintain.