Property firm Ballymore is reportedly attempting to raise £500 million in fresh equity capital to help restart a host of stalled projects, including Manchester’s Piccadilly Tower.
The Irish developer was forced to halt several developments following the credit crunch and the collapse of the property market.
But with some of the recession gloom in the market lifting, Sean Mulryan, Ballymore executive chairman and sole shareholder, is said to be looking for individual investors who can each pump in up to £30 million to revive the projects.
Work on the 188-metre, £200 million Piccadilly Tower was stopped last year after it reached ground level.
The site, behind Piccadilly station, has now been topped off and is being used as a car park.
The building was designed by Woods Bagot, and when completed will have 710 apartments, a hotel and 80,000 sq ft of retail space, bars and restaurants.
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