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The Pinnacle closes in on funding package

Kohn Pedersen Fox Architect’s design for the 288m tall skyscraper in the centre of London is closing in on a £650m funding package. Arab Investments, the developer behind the Pinnacle scheme, has allegedly received pledges of more than £550m of debt financing from a combination of European banks. This is set to be matched by £100m of additional equity from investors. London City’s tallest skyscraper is set to have an expansive 88,000 sq m area, with multiple sustainable systems in place throughout its complex geometric structure. The aerodynamic shape is to be constructed in two layers of clear glass, with an un-insulated ‘snakeskin’ layer of overlapping rectangular glass panels covering an inner, sealed (weatherproof and thermally broken) skin. The Pinnacle is currently in construction in London’s business district, neighbouring Norman Foster's Swiss Re (Gherkin) building. The initial construction phase is being financed by equity.

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