Pinnacle developer faces winding up threat

Aaron Morby 11 years ago
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The Pinnacle skyscraper developer is being threatened with a winding-up order following a dispute with builder Brookfield Multiplex, a source close to the process told Reuters.

Brookfield Multiplex launched a legal claim for £16m against the owners of the 63-storey Pinnacle building this summer for payments relating to a £593m construction contract.

London’s Bishopsgate building is stalled at the start of the concrete cores after the developers failed to agree a major letting that would have freed up bank finance to complete the building.

Brookfield downed tools late last year as part of the payment dispute.

The developers were last month ordered by the judge to pay the contractor.

If Brookfield Multiplex receives no payment within the next week or two, it will apply for the developer to be wound up, the source told Reuters.

The scheme is being developed by Arab Investments and is majority-owned by SEDCO, a Saudi Arabian investment manager, alongside fund manager Pramerica Real Estate Investors.

Earlier this week the Pinnacle’s lead architect said he believed the project in its current form would never become a reality.

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