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Jadwa, CIT secure funding for Kings Reach Tower scheme
- Saudi Arabia: Tuesday, October 02 - 2012 at 01:29
A joint venture between Saudi-based Jadwa Investments and the UK's CIT has secured £250m from a group of Middle Eastern investors to launch their 30-storey Kings Reach Tower scheme in London. The funding comes from a club of Middle Eastern banks led by ABC International Bank and Saudi-based Mohamed Al Subeaei & Sons Investment Co. The JV partners had secured planning permission for the Kohn Pedersen Fox-designed scheme from Southwark council in October 2011. The project, which will start on site this year, will see the existing Kings Reach Tower and adjacent podium extended and redeveloped. The tower includes 370,000 sq ft of offices, 72,000 sq ft of shops and 173 flats. The JV bought the King's Reach Tower in June 2010 for more than $90m, with plans to spending a further $300 million on the building. Flats will be sold from next year onwards, with construction work slated for completion by the end of 2015.
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