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Funds secured for shard of glass

Nearly £200M towards constructing the £350M London Bridge Tower was secured by developer Sellar Property Group this week, allowing demolition of existing buildings to begin in April 2007.
The £196M financing package has been provided by a syndicate of banks led by Nationwide Building Society. Part of the funds will be used to take over the outstanding lease in existing buildings held by finance company PwC.Completion of the 83-storey building, also known as the Shard of Glass, is expected in 2010. It will be Europe's tallest building and will house a hotel, apartments, shops and offices. The building will be located on the site of the London Bridge railway Station. Transport for London will occupy the lower floors of the building, while hotel chain, Shangri-La will occupy floors 34 to 52.Structural engineer for the project is WSP. Other companies involved with the project to date include project manager Olympic delivery partner Mace and Wembley stadium contractor Multiplex which has acted as pre-construction advisor.Sellar Property Group is due to announce the construction manager for the job in the next few weeks.ruby.kitching@emap.com

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