Developer seeks settlement on City of London鈥檚 tallest tower project
The owners of the Pinnacle 鈥� the City of London鈥檚 tallest tower project 鈥� have offered a settlement to end legal wranglings with contractor Brookfield Multiplex.
Brookfield confirmed in a statement to 黑洞社区鈥檚 sister title Property Week: 鈥淎 settlement has been offered and, unless executed in the next seven days, it will fall away. The details of any settlement are private and confidential.鈥�
The value of the offer is not known. the consortium behind the Pinnacle had been ordered by the High Court to pay Brookfield Multiplex 拢16m, after it failed to file a defence against the contractor鈥檚 legal claim for unpaid fees.
The hearing gave Brookfield Multiplex the right to bring a winding-up order against the three special-purpose vehicles that own and managed the Pinnacle.
The proposed 1 million ft2 development has lain dormant for almost a year because of funding issues.
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