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Old May 31st, 2007, 04:58 PM   #461
Newcastle Guy
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In the wake of the announced construction of 122 Leadenhall, 'The Pinnacle' follows with it's own announcement

Union Investment sells £200m Pinnacle share

Quote:
12:09 | 30.05.07

Union Investment Real Estate has completed the sale of its share in the City of London’s tallest tower.

By Deirdre Hipwell

The German open-ended fund manager, formerly known as DIFA, sold its share in the Pinnacle tower for £200m to Arab Investments in a deal which will allow the next phase of the development to proceed.

Khalis Affara’s Arab Investments set up a consortium of Middle Eastern banks and institutions known as Pinnacle and renamed the 60-storey tower which had been previously known as Helter Skelter. Arab Investments has set up the world’s largest Shari’ah-compliant property fund to speculatively build the 945ft tower.
Dr Frank Billand, member of the board of directors at Union Investment Real Estate, said: ‘Following the receipt of planning permission from the City of London last year, the sale has now realised the increased value of the property in the Union Investment fund.

‘Union Investment will continue to have an ongoing commitment to the London market, which currently includes our co-investment in an office development scheme in Paddington and our Austral House development in the City, and will look at other investment opportunities in the future.’
Quote:
The Telegraph
Skyscraper project sold for £200m
By Sophie Brodie
Last Updated: 1:25am BST 31/05/2007

A building that will be the tallest in the City of London has changed hands for around £200m despite not yet being built. The Pinnacle building, also dubbed the Helter Skelter, has been sold by the German property investor Union (formerly Difa), which is also funding development of Legal & General's headquarters, to a shariah-compliant investment firm.

Arab Investments, run by Khalid Affara, has raised financing to ensure the tower is built. Construction of the 288m-high (940ft) 60-storey skyscraper should start next year. Engineer Arup is overseeing the project. When it is complete in 2011, it will be higher than Tower 42 in Old Broad Street at 183m. If another building, the 306m London Bridge Tower, or the Shard of Glass, is built, that will be the tallest in London as a whole.

Arab's announcement comes after British Land's commitment to build the Leadenhall building known as the Cheese Grater
Demolition is starting on the main building now too

Some renders for everyone to enjoy:

[IMG]http://i13.************/2pyqibd.jpg[/IMG]


[IMG]http://i13.************/4h8cvog.jpg[/IMG]


[IMG]http://i13.************/2ur604h.jpg[/IMG]


[IMG]http://i19.************/2i7y3xc.jpg[/IMG]


[IMG]http://i6.************/331od9i.jpg[/IMG]


[IMG]http://i9.************/2v14rbt.jpg[/IMG]


[IMG]http://i11.************/4ca8nrq.jpg[/IMG]


[IMG]http://i17.************/49l3c7t.jpg[/IMG]


[IMG]http://i16.************/2quhiz9.jpg[/IMG]

Last edited by Newcastle Guy; May 31st, 2007 at 05:42 PM.
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Old June 1st, 2007, 04:11 PM   #462
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Boy...

I must admit, and I'm French! I must admit that this tower is quite sweet indeed!

Plus one other thing:
Why in the world are London renderings, just so bloody awsome!?!?!?!!?!?

Do they get LucasFilm to make the darn shots or what???
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Old June 1st, 2007, 04:15 PM   #463
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It takes so long for our towers to start, that we have LOTS of time to make the pretty pictures to look at

(Luckily they are all starting now)
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Old June 1st, 2007, 04:18 PM   #464
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Quote:
Originally Posted by chjbolton View Post
Why in the world are London renderings, just so bloody awsome!?!?!?!!?!?
Part of the planning policy for tall buildings in London is to provide high quality photo realistic renders from all angles.
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Old June 1st, 2007, 04:32 PM   #465
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Um... Not so sure he isn't correct.

If it was only one big project every now and then yeah, you'd have a point. But this is a habit now. BLT, Bishopgate... London renderings are just brillant. Period.

And for Newcastle: mate, I've waited for YEARS before the recent and sudden La Defense 'rebirth', so... I know the feeling. I guess you do use Photoshop better than me though ;-)
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Old June 1st, 2007, 07:24 PM   #466
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Hey, it is always worth the wait when it finally happens. I have only been around these parts 2 years, some of the guys have been waiting much longer.
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Old June 2nd, 2007, 12:27 AM   #467
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image hosted on flickr

Some englishmen had a fun time making all those models, lol
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Old June 2nd, 2007, 02:29 PM   #468
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It has so much soar!
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Old June 4th, 2007, 10:01 PM   #469
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This tower looks awesome, better views than the broadgate tower...nice.
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Old June 5th, 2007, 03:07 PM   #470
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^ i bet you can't wait!
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Old June 6th, 2007, 12:29 PM   #471
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Demolition has indeed started on the main building. Apparently it will take 2 months to bring down (?).

From Sy -


Quote:
Originally Posted by Sy View Post
A few more from last night:





Also noticed scaffolding climbing up the back of it too.
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Old June 6th, 2007, 02:44 PM   #472
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Prepare for a construction boom in London that will dliver to the world some of it's best designs

IMO the Bishopsgate tower will be the best looking tower in the world in the 250m-300m category.
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Old June 18th, 2007, 04:16 PM   #473
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From the UK forums:

Quote:
Originally Posted by Luke View Post
Interesting interview in this week's Estates Gazette with the head-honcho at Arab Investments.

Apparently there is some scepticism within the industry as to whether the Pinnacle really will be built speculatively. The boss' replied that perhaps they will be convinced come January 2008.

He expects to announce contractors within the next few weeks.
We have a construction start date: January 2008

Demolition is underway, there isn't long to go now



I'm looking forward to seeing this, Leadenhall, and Heron all rising at the same time
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Old June 18th, 2007, 04:22 PM   #474
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Fantastic news, can't personally wait for this beauty to rise. Pity the city lost the 217m Minerva Building, that would have complimented the city cluster even more but with the Bishopsgate/122 LH/Heron and 100 Bhishopsgate, you can't go wrong, especially with 3 220m +highrises going up and a supertall opposite them.
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Old June 18th, 2007, 05:22 PM   #475
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Excellent news
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Old June 18th, 2007, 06:19 PM   #476
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That render looks really cool!
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Old June 29th, 2007, 12:42 PM   #477
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Quote:
Originally Posted by Newcastle Guy View Post
From the UK forums:



We have a construction start date: January 2008

Demolition is underway, there isn't long to go now
Wooo!
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Old June 30th, 2007, 08:28 PM   #478
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Nice this one is underway, it's one of the better projects in Europe, pure quality!
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Old July 2nd, 2007, 11:11 PM   #479
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exciting !
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Old July 3rd, 2007, 06:26 AM   #480
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But it'll take a to see it built
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