Brookfield is to recommence work on the 64-storey Pinnacle tower in the City of London after client Arab Investments moved closer to finalising a financing package for the scheme.
The 945 ft building has been built only to ground level but Brookfield will now proceed with the final phase of construction with completion scheduled for 2014.
The financing package is believed to involve a consortium of banks.
Arab Investments managing director Khalid Affara said in a statement: “The Pinnacle has agreed with Brookfield to commence the final phase of construction works at the end of June to enable delivery of the City’s tallest building by 2014.
“The Pinnacle is a unique product at 945ft – the tallest building in the cluster of tall buildings in the City of London – and will be delivered into a market where there will be a shortage of high-quality office space.”
The Pinnacle is just one of many projects under construction in the City including British Land’s Cheesegrater and Land Securities’ Walkie-Talkie skyscraper.