After lengthy negotiations, Axa and developers Lipton Rogers and Singapore’s Temasek Holdings have agreed to buy the Pinnacle skyscraper site in the City of London from current joint owners Arab Investments, a Saudi Arabian fund and a Kuwaiti fund.
Under the new plans, the current site will be demolished and the skyscraper will be re-built from scratch. Construction on the Pinnacle began in 2008 but stalled in 2012 when funding dried up, leaving a seven-storey shell. Renamed 22 Bishopsgate, the new designs will no doubt require fresh planning permission meaning that the tower will not be finished before 2018. When complete however it will be tallest and possibly most expensive tower in the City.
