The Shard, a new skyscraper in Europe near River Thames, is scheduled to be completed by 2012. This skyscraper will be 310 meters high and is likely to be the highest in entire Europe once completed.
The building will house a five star hotel and many apartments, restaurants and offices. Prospective tenants have already started taking leases in the building. Transport for London agency has secured desk space with a 30 years long lease in the Shard. Shangri-La Asia Limited, a luxury hotel group will also be making a 19-storied hotel in the Shard which will have 197 suites and rooms. The whole project is valued at around £430 million and is being financed by four Qatar based companies.
The real estate development industry in the UK is suffering a lot due to recession. Many projects have been terminated or postponed due to lack of money and close to 60,000 workers have lost their employment. The skyscraper is showing that while Western banking community is facing a paucity of funds, Middle East is filling in the gaps by ensuring flow of money.
However, another building called the Pinnacle office tower is also competing to get the title of the tallest building in the Europe. This 945 feet high building is being financed by another Middle Eastern investing group, Arab Investment Limited, and will be completed by 2013.
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on Monday, August 17th, 2009 at 5:06 am
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