INDUSTRY NEWS

Shard gets its funding

A Qatari consortium has agreed to finance the "Shard of Glass" building planned for London Bridge, Reuters has reported.

Investors in the £2 billion development include Qatari Islamic Investment bank QInvest, Sellar Property Group, Qatar National Bank, Qatari Islamic Bank and Barwa.

QInvest chief executive professor, Abdul Latif Almee said the investment not only reflects his admiration for the project "but also underpins our confidence in the London commercial real estate market".

When completed, the project will offer 600,000 sq ft of office space in one of the most distinctive commercial property lets.

Shangri-la Hotels has a significant pre-let agreement and Transport for London has signed up for 190,000 sq ft of office space.

The building will be London and Europe’s tallest and the developer has claimed it could be completed by the third quarter of 2011.

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