Balfour Beatty looks set to restart work on a stalled development in Birmingham after the financial backer was confirmed.
Hines has been named as the backer for the Two Snowhill project in Birmingham − a 14-storey tower designed by London-based Sidell Gibson − ending months of speculation about the US company’s involvement.
Balfour Beatty is the general contractor and work is due to be finished in 2013.
The part-built cores of the Two Snowhill towers have been sitting empty in the West Midlands city’s business district for two years after Anglo Irish removed its funding.
Ballymore Group asked Savills to aid the search for a new backer. Now the European Development Fund II arm of Hines has taken on the primary phase of Two Snowhill.
The 29,171m² tower will be home to 28,335m² of offices and 836m² of retail space. Law firm Wragge and Co has taken out a pre-let on 17,187m² on condition the tower is built by the end of 2013.
Hines also bought a large part of the Brindleyplace mixed-use development in Birmingham in summer 2010.
Hines UK director Anthony Leonard said: “We are looking forward to working with Ballymore as joint developers to complete Two Snowhill.
“We are optimistic about additional leasing prospects, as Two Snowhill will be of the highest quality and will be the first new office building to be delivered in central Birmingham for more than three years.”