Business.Timesonline.co.uk reports:
Ambitious development including tallest tower in UK should be finished in 2012 after funding boost from Qatar
by Catherine Boyle
Construction on the Shard of Glass, planned to be the UK’s tallest building, will start in January after a last-minute funding boost from Qatari investors.
The substantial funds should be enough to ensure that the Shard is finished by 2012, despite rumours that it would never be built. It will be constructed during what is predicted to be hard times for the UK commercial property market.
Qatari Diar, the property development wing of the Qatar sovereign investment fund, has provided a funding facility for an undisclosed “substantial” sum to make sure the 310 metre high tower is built. It will take a seat on the board of LBQ, the consortium developing the Shard in exchange for its backing, and may become more involved in its development as it progresses.
LBQ is already 80 per cent owned by Qatari investors after Irving Sellar, the original developer of the tower, fell out with other original investors including Simon Halabi, the Iranian-born businessman.
Read the entire article here: Business.Timesonline.co.uk
