Developer to Raise Funds for UK Tower

16 November 2010 (Last Updated November 16th, 2010 18:30)

Property Developer Arab Investments is seeking to raise additional capital to complete the £1bn ($1.6bn) Pinnacle tower development in London, England. The move is expected to reduce the amount it needs to borrow for the 288m-tall development. The company requires more than

Property Developer Arab Investments is seeking to raise additional capital to complete the £1bn ($1.6bn) Pinnacle tower development in London, England.

The move is expected to reduce the amount it needs to borrow for the 288m-tall development.

The company requires more than £500m ($802m) to complete the tallest skyscraper in London.

Arab Investments is in talks with Jeddah-based Saudi Economic & Development and other investors about the equity investment.

Sedco and the other investors have already invested £400m ($641m) while HSH Nordbank AG has provided £140m ($225m) towards the project, according to Bloomberg.